US Steel: takeover proposal rejected

(CercleFinance.com) - US Steel announces the rejection, by its Board of Directors, of an unsolicited proposal by Cleveland-Cliffs to purchase the Group - half in cash and half in shares - as of 28 July, which was then updated on Friday 11 August.



The steelmaker explains that Cleveland-Cliffs refused to sign a confidentiality agreement without US Steel's prior acceptance of the financial terms of its initial proposal, including a proposed overall price.

However, the group deemed such a confidentiality agreement necessary to enable a thorough due diligence process, in order to assess the risks and potential advantages and disadvantages inherent in the transaction.


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