U.S. Steel Corp.’s stock soared 27% in premarket trade Monday, after the company rejected an unsolicited, $7.3 billion takeover bid from Cleveland-Cliffs...
U.S. Steel Corp.’s stock X soared 27% in premarket trade Monday, after the company rejected an unsolicited, $7.3 billion takeover bid from Cleveland-Cliffs Inc. that would have reshaped America’s steel industry. Cleveland-Cliffs’ stock CLF was down 2.6%. The latter on Sunday made public a previously private offer of $17.50 a share in cash and 1.023 shares of Cliffs’ stock for U.S. Steel, or a 43% premium based on Friday’s closing stock price and valuing the company at about $7.25 billion.
’s stock X soared 27% in premarket trade Monday, after the company rejected an unsolicited, $7.3 billion takeover bid from Cleveland-Cliffs Inc. that would have reshaped America’s steel industry. Cleveland-Cliffs’ stock CLF was down 2.6%. The latter on Sunday made public a previously private offer of $17.50 a share in cash and 1.023 shares of Cliffs’ stock for U.S. Steel, or a 43% premium based on Friday’s closing stock price and valuing the company at about $7.25 billion.
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