US Steel Brushes Off Cleveland-Cliffs' $35 Per Share Offer: Analyst Says Deal Less Likely To Close Without 'Meaningful Concessions'
Portfolio Pulse from Shanthi Rexaline
United States Steel Corp. (NYSE:X) has rejected a buyout offer from Cleveland-Cliffs Inc. (NYSE:CLF) but invited the latter to participate in a formal review process. Cleveland-Cliffs had offered to buy all outstanding shares of U.S. Steel for $35 per share, a 42% premium on the latter's trading price. However, U.S. Steel CEO David Burritt stated that the board could not agree to the proposal without conducting due diligence. KeyBanc Capital Markets analyst Philip Gibbs believes the deal is less likely to close without meaningful concessions.
August 14, 2023 | 6:26 am
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NEUTRAL IMPACT
Cleveland-Cliffs' buyout offer to U.S. Steel has been rejected, which may affect its stock price.
The rejection of the buyout offer may lead to uncertainty among investors, potentially impacting Cleveland-Cliffs' stock price.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100
NEUTRAL IMPACT
U.S. Steel has rejected a buyout offer from Cleveland-Cliffs, which may impact its stock price.
The rejection of the buyout offer may lead to uncertainty among investors, potentially impacting U.S. Steel's stock price.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100