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Strategies & Market Trends : Speculating in Takeover Targets
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To: richardred who wrote (5684)12/3/2019 1:18:48 PM
From: Fuzzy1 Recommendation

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Cleveland-Cliffs to Buy AK Steel in $1.1 Billion Stock Swap >CLF AKS
6:15 am ET December 3, 2019 (Dow Jones) Print

By Colin Kellaher

Cleveland-Cliffs Inc. (CLF) Tuesday said it agreed to buy AK Steel Holding Corp. (AKS) in a stock swap valued at about $1.1 billion.

Cleveland-Cliffs said it will issue 0.4 shares, worth about $3.36 based on Monday's closing price of $8.41, for each AK Steel share.

The deal represents a roughly 16.3% premium to Monday's closing price of $2.89 for AK Steel, a West Chester, Ohio, steelmaker.

Cleveland-Cliffs said its shareholders will own about 68% of the combined company, while AK Steel shareholders will own about 32%.

The Cleveland iron-ore mining company said the transaction, which it expects to complete in the first half of 2020, implies a total enterprise value of about $3 billion for AK Steel.
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