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)
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