Shares of US Steel soared Monday on news that rival Cleveland-Cliffs has proposed a purchase of the company, a move that would create the nation’s largest steelmaker
Another rival steel producer has jumped into the bidding war to takeover US Steel. Esmark announced an all-cash public offer for US Steel for $35 per share on Monday. Esmark said its offer period runs from August 14, 2023 to November 30, 2023, but may be extended.
US Steel said that it had been in discussion with Cleveland-Cliffs about its offer, but that those private talks broke down Friday with Cleveland-Cliffs’ refusal to sign a nondisclosure agreement, or NDA, that would allow the two companies to exchange financial information. US Steel said Cleveland-Cliffs demanded it agree to the proposed economic terms of the deal in advance.
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