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Australian Northern Iron Miner Receives Sweetened Bid from India’s Aditya, Shares Up

Australian iron ore miner Northern Iron has just received a revised and improved takeover bid from Indian conglomerate Aditya Birla Group, which has prompted investors of the miner to rejoice over the latest development.

Shares in Northern Iron soared 38 per cent after the Aditya Birla Group offered an A$518 million ($532 million) takeover bid, sweetened by 4 per cent two months after an earlier attempt was rejected. The new offer was at a 75 per cent premium to the Australian company's closing stock price on Monday. Its shares closed at A$0.8 on Monday. It has fallen nearly a fifth since end of May.

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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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