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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.
Caterpillar’s Rob Rengel will join ATI Inc. on June 22 as VP-investor relations, succeeding the retiring David Weston.
Hut 8, energy infrastructure platform, has named NextEra Energy's Mark Eidelman head of IR and SVP of strategic finance.
Teneo handles easyJet as Minneapolis investment firm Castlelake mulls a possible takeover of the British budget airline.
Brunswick Group represents Universal Music Group as it rejects the unsolicited $65B takeover offer by billionaire Ed Ackman's Pershing Square Capital Management because it “fundamentally and materially undervalues” the world’s largest music company.
Prosek Partners brings on Danielle O’Brien as a managing director in its investor relations practice, based in the firm’s New York office.
