Esmark makes $7.8 billion offer for US Steel Corp

Credit: US Steel

Esmark, a privately held company, said on Monday it had made an offer to buy US Steel Corp for $35 per share, or an equity value of $7.8 billion.

On Sunday, US Steel launched a formal review of strategic options, after rebuffing a takeover offer from rival steelmaker Cleveland-Cliffs.

The unsolicited cash-and-stock offer from Ohio-based Cleveland-Cliffs valued US Steel at about $7.3 billion, representing a 43% premium to its closing price on Friday.

(By Ananta Agarwal and Ananya Mariam Rajesh; Editing by Shounak Dasgupta)


Your email address will not be published. Required fields are marked *