Noront ups Freewest offer in bidding war with Cliffs

Nov 30, 2009 | 12:52 PM | Tatyana Shumsky

The battle for Freewest Resources Canada Inc. is heating up as Noront Resources Ltd. raised its hostile takeover offer just a few days after Freewest approved a rival bid from Cleveland-based iron ore and coal miner Cliffs Natural Resources Inc.

Toronto-based Noront, which owns two chromite properties in Canada's Ring of Fire, wants to combine Freewest's three chromite deposits in hopes of attracting a larger investor to develop the entire area. The company announced Monday what it said was its final offer: two Noront shares for every seven Freewest shares, an implied value of Canadian 86 cents (81.5 cents) per share.....

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