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Aussie firm rejects Aditya Birla's takeover bid

Press Trust Of India  |  Melbourne 

Australia's Northern Iron has rejected a takeover bid from Aditya Birla Group citing lower valuation and would be ready to consider a better offer from the Indian conglomerate. A subsidiary of Aditya Birla Group had made an indicative and non-binding bid, offering to buy each share of the Australian entity in the price range of $1.28 - 1.35.

First Published: Wed, May 16 2012. 00:41 IST