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Joele Frank handles US Steel, which has rejected an unsolicited cash/stock takeover offer valued in the $7B range from competitor Cleveland-Cliffs Inc.
USS has launched a strategic review and invited Cliffs to participate in the process. The company claims to have received multiple takeover offers.
Cliffs made its offer on July 28 but refused USS’ demand that it enter an NDA to evaluate the proposal, regulatory risk and growth prospects of the combined company.
Without the NDA, USS “cannot determine whether the unsolicited offer properly reflects the full and fair value of the company,” according to CEO David Burritt’s letter to Cliffs chief Lourenco Goncalves.
Cliff looks forward to engaging with USS. Goncalves “is convinced that the value potential and competitiveness to come out of a combination of our two iconic American companies is exceptional.”
Joele Frank, Wilkinson Brimmer Katcher’s Kelly Sullivan and Ed Trissel represent USS.
FGS Global represents private equity firm Thoma Bravo as it makes a $4.6B bid for Darktrace, a UK-based cybersecurity artificial intelligence firm.
Edelman handles Viking Holdings, the river and ocean luxury cruise line that plans to raise $1B via an IPO priced in the $21 to $25 per share range.
Teneo is handling the initial public offering of CVC Capital Partners, one of Europe’s largest private equity firms with nearly $200B in assets under management.
Brunswick Group represents Endeavor Group Holdings as it agrees to go private via its acquisition by Silver Lake technology investment firm, which is handled by Edelman Smithfield.
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