TORONTO, Dec 10 - Cliffs Natural Resources (CLF.N) raised its friendly takeover offer for chromite explorer Freewest Resources (FWR.V) for the second time in a week on Thursday in an attempt to triumph over rival bidder Noront Resources (NOT.V).
Cliffs is now offering C$1 a share -- valuing Freewest at about C$240 million ($228 million) -- which is up 11 percent from its most recent bid a week ago, and more than 2-1/2 times the 39.75 Canadian cents a share that Noront offered on Oct. 5, when it began what has become a heated bidding war.
Click here to read more about Cliffs' takeover bid for Freewest.
