Baffinland Iron Mines (BIM.TO) investors have all but given up hope that the Canadian Arctic iron explorer will attract a second suitor, with the deadline on an existing, C$590 million ($593 million) bid only days away. Shares of Baffinland have receded to within a penny of the C$1.50 offered last week under a joint bid by ArcelorMittal (ISPA.AS) and Nunavut Iron. In the days before the joint bid, the stock had been trading as high as C$1.58. Those bullish bets, which faded a couple of days after Arcelor and Nunavut called a truce in their bidding war, may have reflected optimism that Canadian iron ore juniors were woefully undervaluded. In recent weeks, a spate of buyouts and joint venture announcements suggested just that.
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