Nunavut Iron Ore Acquisition Inc has increased their offer for Baffinland Iron Mines Corp. to USD 1.40 per share. They have also increased the number of shares they are willing to purchase. This modified offer raises the stakes in the takeover battle between ArcelorMittal and private equity investor Nunavut Iron Ore. Nunavut Iron Ore has raised its offer to 60% of Baffinland shares, increasing their initial offer of USD 1.35 per share. ArcelorMittal is offering to purchase 100% of Baffinland’s shares at USD 1.25 per share, valuing the company at USD 492 million.