Noble, Posco Drop Bid For Arrium After $1.2B Offer Rejected

Law360, New York (October 31, 2012, 2:09 PM EDT) -- Noble Group Ltd. and Posco Australia Pty Ltd. have dropped their bid to acquire Australian iron ore miner and steel producer Arrium Ltd. after Arrium rejected the companies' sweetened AU$1.2 billion (US$1.24 billion) takeover offer Wednesday.

Arrium said in a filing with the Australian Stock Exchange that the revised offer, made by an Asian consortium led by Noble Group and Posco after market close Tuesday, significantly undervalues the company and carries similar risks to the group's original takeover bid.

"The revised proposal is opportunistic," Arrium Chairman...
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