Severstal Boosts Esmark Offer; Wins Board Support
June 27, 08 by TheFleetIf you're new here, you may want to subscribe to our RSS feed. Thanks for visiting!
By Dale Crofts | Source: Bloomberg
OAO Severstal, Russia’s largest steelmaker, boosted its takeover offer for U.S. producer Esmark Inc. by 13 percent to $775 million and entered a merger agreement with the target company.
Investors will receive $19.25 for each Esmark share, up from an earlier bid of $17, Cherepovets, Russia-based Severstal said today in a statement. Esmark’s board of directors will recommend shareholders tender their shares, the company said in a separate statement.
