Stakeholders in Baffinland Iron Mines (BIM.TO), owner of a vast Arctic iron ore deposit, have until midnight on Monday to tender to a C$590 million ($594 million) takeover offer led by No. 1 steelmaker ArcelorMittal, ending a months-long standoff. The C$1.50-a-share offer expires at 11:59 p.m. (0459 GMT on Tuesday) and is a joint bid from Arcelor (ISPA.AS) and Nunavut Iron Ore, a private equity-backed company it joined forces with on Jan. 14, ending a bidding war for Baffinland's Mary River deposit that started in September. Under the agreement, ArcelorMittal and Nunavut Iron will own 70 percent and and 30 percent of Baffinland respectively.
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