Cleveland Cliffs' latest offer for Portman Ltd.

Cleveland Cliffs’ latest offer for Portman Ltd.

The negotiations between Cleveland-Cliffs Inc. and Portman are heating up as the deadline for Cleveland-Cliffs' bid for the Australian mining company near. Cleveland Cliffs' final offer to the shareholders of Portman Limited increased 13%, from A$3.40 to A$3.85 per share, due to the impending iron ore price hikes in the industry. The company extended the offer until March 18, 2005. The Portman board recommended that shareholders accept the increased offer because no other parties have stepped forward with counter offers. Based on the latest offer from Cleveland-Cliffs, the complete takeover would cost nearly US$530 million.