The 122-year-old US Steel is reviewing "numerous" buyout offers [View all]
After receiving two buyout offers in the past month, U.S. Steel Tuesday that it is in the process of reviewing multiple offers for the storied company and symbol of American industrialization.
U.S. Steel rejected a $7.3 billion buyout proposal from rival Cleveland-Cliffs two weeks ago, and that offer was followed by $7.8 billion bid from the industrial conglomerate Esmark. Shares of the Pittsburgh steelmaker soared more than 30% on speculation that a deal was imminent.
In a letter to shareholders Tuesday, U.S. Steel said it had entered into confidentiality agreements with “numerous” third parties and was beginning to share due diligence information with potential buyers.
“Our number one obligation is to uphold our fiduciary duties,” the company wrote in the letter. “This means that we are focused on the path forward for our Company that drives the most value for you — our stockholders.”
Shares climbed another 2% Tuesday.
https://finance.yahoo.com/news/122-old-us-steel-reviewing-160314746.html
Putting it under Pennsylvania since this is a historical company in the Commonwealth.
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