The battle for Northern Iron Limited
(ASX:NFE) is on with Swiss-based Prominvest launching a $525 million takeover bid for the iron ore miner.
India's Aditya Birla Group bid for Northern Iron in May, revising its offer to $518 million last week or $1.40 cents per share.
Prominvest’s offer of $1.42 cash per share is conditional on due diligence, management meetings and site visits.
Northern Iron says the proposal also includes a request for exclusivity, which the board of directors will not agree to at this stage.
In the 2011 financial year Northern Iron reported a net profit of $2.8 million.
