PHS grants Arcelor extension to complete due diligence

PHS grants Arcelor extension to complete due diligence

As a result of Arcelor's request from the Polish Government to carry out its due diligence without the presence of the rival bidders LNM Holdings and US Steel, the Government has extended the company's deadline for completion of this process until end March. Accordingly, the company will start studying the accounts of PHS on March 17, 2003. Bidders were initially given time until March 10, 2003 to complete this process. The three bidders will decide whether to make a final and binding offer to take over PHS in a month's time. Then most favourable offer will be picked by the Polish Government to hold exclusivity negotiations.