Baffinland Announces Support Agreement With ArcelorMittal
Baffinland Iron Mines Corporation (TSX: BIM.TO) ("Baffinland" or the "Company") announced today that it has entered into a support agreement with ArcelorMittal S.A. ("ArcelorMittal") pursuant to which ArcelorMittal has agreed to make an offer to acquire all of the outstanding common shares of the Company for C$1.10 in cash per common share and all of the outstanding common share purchase warrants issued on January 31, 2007 (the "2007 Warrants") for C$0.10 in cash per 2007 Warrant (the "ArcelorMittal Offer"). The equity value of the ArcelorMittal Offer is approximately C$433 million on a fully-diluted basis.
- Published: 08 November 2010
- Written by Editor