NEW YORK (AP) — United States Steel Corp. said Sunday that it rejected a $7.3 billion buyout proposal from rival Cleveland Cliffs and was reviewing “strategic alternatives” after receiving several unsolicited offers.
Pittsburgh-based U.S. Steel said it rejected the offer because Cleveland-Cliffs was pushing it to accept the terms without being allowed to steel-declines-7-3-billion-bid-from-cleveland-cliffs-explores-other-options.html” title=”US Steel Declines .3 Billion Bid from Cleveland-Cliffs; Explores Other Options”>conduct proper due diligence.
“At this juncture, we cannot determine whether your unsolicited proposal properly reflects the full and fair value of the Company. For all of the above reasons, the Board has no choice but to reject your unreasonable proposal,” U.S. Steel CEO David Burritt said in a letter, released Sunday, to Cleveland Cliffs CEO Lourenco Goncalves.
Cleveland-Cliffs announced earlier Sunday that it had made an offer valuing the U.S. Steel at $7.3 billion, based on $17.50 a share in cash and 1.023 shares of Cliffs stock. Cleveland-Cliffs said the value of the offer was $35 a share, a premium over U.S. Steel’s…
2023-08-13 20:14:12
Original from finance.yahoo.com
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