The Canadian Press reported that Baffinland Iron Mines Corp has recommended shareholders accept a new offer by ArcelorMittal after the global steel giant upped the ante Friday in the takeover war for the Canadian miner.

Baffinland's board of directors said it is recommending the offer by ArcelorMittal because a rival offer from Nunavut Iron Ore Acquisition Inc is only for partial ownership and could have an adverse effect on the outstanding publicly traded shares.

(Sourced from The Canadian Press)