Northern Iron Limited
(ASX:NFE) has had its $525 million takeover proposal from Prominvest revised, with the Swiss based suitor withdrawing its request for exclusivity.
The iron ore miner’s board will now offer stage two diligence to Prominvest, with provision for management meetings and site visits.
Northern Iron says the revised Prominvest proposal assumes a net debt of $93 million and remains valid for 25 days.
The company is also currently being pursued by India's Aditya Birla Group who have bid $518 million for Northern Iron.
In the 2011 financial year Northern Iron reported a net profit of $2.8 million.
