Cliffs said the offer was rejected Sunday by U.S. Steel's board, which called it "unreasonable."
U.S. Steel has rejected an unsolicited, $7.3 billion takeover bid from Cleveland-Cliffs Inc. that would have reshaped America’s steel industry.
In a statement Sunday, Ohio-based steel producer Cleveland-Cliffs CLF made public a previously private offer to buy U.S. Steel X for a per-share value of $17.50 in cash and 1.023 shares of Cliffs stock, for an implied valuation of $35 a share — a 43% premium based on Friday’s closing stock price and valuing the company at about $7.25 billion.
Earlier Sunday, U.S. Steel announced its board was evaluating “strategic alternatives” for the company following a number of acquisition offers.
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