Australia’s Arrium rejects US$1 billion bid from Noble, POSCO group

Australian miner and steel maker Arrium rejected a A$1.01 billion (US$1.04 billion) takeover offer from a consortium including Noble Group and POSCO calling the approach undervalued.

Arrium’s shares jumped as much as 29 per cent on Monday to a one-month high as investors anticipated the company would remain in play. The bidding consortium, called Steelmakers Australia, is expected to respond to the rebuff on Monday afternoon.

via Business feed http://www.scmp.com/business/companies/article/1051524/australia%E2%80%99s-arrium-rejects-us1-billion-bid-noble-posco-group