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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.
Joele Frank represents Confluent Inc. as the Mountain View, CA-based data streaming platform company agrees to be acquired by IBM in a deal with an enterprise value of $11B.
Tom Johnson, who has headed H/Advisors Abernathy since 2016, will join FGS Global as global head of private capital & financial services, effective Dec. 16.
Brunswick Group and Gagnier Communications are handling Paramount’s $30 cash per-share offer for all of Warner Bros Discovery, topping Netflix $27.50 cash/stock transaction.
ICR Inc. handles communications for Enhanced Ltd, which plans to run Olympic-type competitions with athletes using performance-enhancing drugs, as it goes public in a SPAC deal valued at $1.2B via a merger with A Paradise Acquisition Corp. of Hong Kong.
C Street Advisory Group handles strategic communications duties for American Signature Inc. as the Columbus-based home furnishings retailer declares Chapter 11.
