Northern Iron Limited
(ASX:NFE) suitor, India's Aditya Birla, has withdrawn from its takeover proposal following a lengthy due diligence period.
The suitor cited continued variance in production at the company’s flagship Sydvaranger project in Norway.
Swiss-based Prominvest has also failed to submit a timely final bid.
The iron ore miner says it has decided to conclude the strategic review and believe it has a sound future as an independant company after its recent $55.5 million entitlement offer.
Northern Iron reported a net profit of $4.9 million in the 2012 financial year.
