The new bid comes to 3.05 of shares of Glencore, a Swiss firm that also is in the mining business, for every share of Xstrata, the British-Swiss mining giant, which would value the combined conglomerate at $90 billion, The New York Times reported Monday.
Wealth fund Qatar Holding, the investment fund for the Middle East country, was among the major shareholders that said they would vote against the previous 2.8 per share bid.
Glencore said in a statement Monday it "will not increase the merger ratio further" than its 3.05 per share bid.
The new offer comes with a different executive strategy. Mick Davis, chief executive officer of Xstrata, would take over the combined company, then step down after six months. He would then be replaced by Glencore CEO Ivan Glasenberg.
With the news Xstrata closed Monday up 1.23 percent to 12.50 pounds ($19.99) on the London Stock Exchange. Glencore's stock fell more than 3 percent to 370 pounds ($591.67).