Partners in the Nunavut Iron Ore Acquisition Inc. (Nunavut), an organization that had been established to bid for management of Baffinland Iron Mines Corporation (Baffinland), is driven to react to a competing bid. Baffinland had been trying to develop the project since 2004, and possessed among the very critical iron ore reserves in Canada, the Mary River project, but the number of future mining and funding associates declined following the beginning of the worldwide monetary crisis in 2007.
Baffinland's share price stumbled as a consequence of its inability to move the project ahead, falling from over $4.68 in October 2007 to $0.17 cents in 2008. In September 2010, feeling an occasion to pick up an asset at a troubled price, Nunavut, sponsored by a private equity firm in the U.S., had ignited a bidding war for Baffinland against ArcelorMittal, a Belgium-based steel company.
PUBLICATION DATE: December 17, 2012 PRODUCT #: W12384-HCB-ENG
This is just an excerpt. This case is about FINANCE & ACCOUNTING
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