Cleveland-Cliffs Earlier Proposed to Acquire U.S. Steel For $17.50/Share In Cash Plus 1.023 Shares Of Cleveland Cliffs Stock, Valuing Deal At $35/Share
Portfolio Pulse from Charles Gross
Cleveland-Cliffs Inc. (CLF) has publicly announced a previously private offer to acquire U.S. Steel Corporation (X) for $17.50 per share in cash and 1.023 shares of CLF stock, valuing the deal at $35 per share. This offer represents a 43% premium to U.S. Steel's share price. However, the offer was rejected by the Board of Directors of U.S. Steel as being 'unreasonable'.
August 13, 2023 | 11:23 pm
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NEUTRAL IMPACT
U.S. Steel rejected Cleveland-Cliffs' acquisition offer. This could potentially impact the company's stock price and future acquisition opportunities.
The rejection of the acquisition offer by U.S. Steel could potentially lead to a neutral impact on its stock price in the short term. While the rejection indicates confidence in the company's standalone value, it also eliminates a premium offer for shareholders.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100
NEGATIVE IMPACT
Cleveland-Cliffs' offer to acquire U.S. Steel was rejected. This could potentially impact the company's acquisition strategy and stock price.
The rejection of the acquisition offer by U.S. Steel could potentially lead to a negative impact on Cleveland-Cliffs' stock price in the short term as it indicates a setback in their expansion strategy.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100