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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 Copart as the online vehicle auction company acquires auto marketplace and data services business ACV, a Joele Frank client, in a deal valued at $1.9B.
BGR Group represents Noble Supply and Logistics as it files for Chapter 11 due to a change in its weapons support contract with the Defense Logistics Agency.
C Street Advisory Group is handling the Chapter 11 filing of LIV Golf following the move by Saudi Arabia’s Public Investment Fund to pull the financial plug on the League. (Updated)
Teneo handles Bamboo Insurance Services as the Midvale, UT-based marketer of homeowner policies files a Form S-1 statement with the SEC for an initial public offering.
FTI Consulting handles West Marine as the nation’s leading retailer of marine parts and accessories for boating, fishing and sailing enthusiasts emerges from Chapter 11 bankruptcy.
