The Corus board on Wednesday recommended Tata Steel's revised bid of 608 pence a share to its shareholders, saying it considered the new bid to be "fair and reasonable."
In a regulatory filing with the London Stock Exchange, Corus said its directors believe that Tata's final offer after the auction process represented best value for shareholders.
The board intends to recommend unanimously that Corus shareholders vote in favour of the Tata offer at the court meeting and EGM to be announced in due course, it said.
Tata Steel board welcomed the recommendation by Corus board, with Group chairman Ratan Tata saying "the revised bid deliver substantial additional value to Corus shareholders. At the same time, Tata Steel gains a significant platform to generate additional value."
Corus chairman Jim Leng said the final offer of 608 pence from Tata was the culmination of a thorough process conducted by the board to secure both the best value for