Privately held Esmark Inc. said Monday it has made an offer for U.S. Steel Inc.
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for $35 a share, and U.S. Steel stock shot nearly 40% higher in late trading. Esmark said that the initial offer period runs from Monday through Nov. 30, 2023, with the possibility of an extension. Esmark was found by former U.S. Steel executive James Bouchard, who is also Esmark’s chief executive. U.S. Steel has rejected an unsolicited $7.3 billion takeover bid from Cleveland-Cliffs Inc.
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calling the Ohio company’s bid “unreasonable.” Cleveland-Cliffs made its proposal public late Sunday, saying it had offered a per-share value of $17.50 in cash and 1.023 shares of Cleveland-Cliffs’ stock.
