Aussie Miner Arrium Spurns $1B Offer From Noble, Posco

Law360, New York (October 1, 2012, 3:16 PM EDT) -- Australian miner and steel producer Arrium Ltd. on Monday rejected an AU$1.01 billion (US$1.04 billion) buyout offer from an Asian consortium led by the Noble Group and Posco, writing it off as an “opportunistic” bid that undervalues the target.

The unsolicited offer, which came in late Friday, priced Arrium shares at AU$0.75 apiece, nearly 38 percent higher than their AU$0.545 Friday close, but only 8 percent above Arrium's trading average for the past three months, according to a statement the target company made to the Australian...
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