Rival bidders for Baffinland Iron Mines (BIM.TO) have united in a C$590 million ($595 million) joint takeover offer, but the iron ore explorer's chairman said he opposes the deal. ArcelorMittal (ISPA.AS), the world's largest steelmaker, and Nunavut Iron, backed by U.S. private equity, on Friday made a joint C$1.50-a-share offer for 100 percent of Baffinland, ending their four-month battle for the company's huge Arctic iron ore deposit. Baffinland shares rose nearly 3 percent to C$1.56, suggesting shareholders may not tender to the C$1.50 price.
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