Esmark, a privately held company, has submitted a voluntary public cash and exchange offer for all outstanding shares in US Steel at a value of $35/share. This comes after US Steel announced it would initiate a formal review process to evaluate strategic alternatives, including the sale of the full company or some of its assets.
Cleveland-Cliffs, a rival steelmaker, submitted an offer in late July to acquire all of US Steel in a cash and stock deal, but was rejected by US Steel's board on August 13. Esmark's initial offer period runs from Aug. 14 through Nov. 30, and completion is expected in the fourth quarter of 2023, subject to regulatory and antitrust clearances.
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