Topic: Growth Stocks

Stock Pickers Digest Hotline – Friday, September 24, 2010

Article Excerpt

BAFFINLAND IRON MINES, $1.03, symbol BIM on Toronto, is the subject of a hostile, $274.3-million takeover offer from Nunavut Iron Ore Acquisition Inc., which is wholly owned by privately held Iron Ore Holdings, LP. Nunavut is offering $0.80 in cash for each share of Baffinland. The company currently owns about 6% of Baffinland. Other shareholders who hold a combined 9.3% stake in Baffinland have also agreed to tender their shares to the offer. Baffinland is now trading at $1.03, or 28.8% above Nunavut’s bid. This indicates that investors expect a much higher bid from Nunavut or another buyer. Japan’s Mitsubishi Corp., which already owns just under 5% of Baffinland, could be a potential buyer. As well, steel companies that have already agreed to buy Baffinland’s iron ore could launch their own bids. These firms include German steelmaker ThyssenKrupp and Luxembourg-based ArcelorMittal. Baffinland is now a hold. ADOBE SYSTEMS INC., $26.88, symbol ADBE on Nasdaq, reported record-high quarterly revenue and stronger-than-expected earnings this week. However,…