The Russian steelmaker Severstal has announced a waiver of Indian steelmaker Essar agreement termination condition to its previously announced tender offer to acquire all outstanding shares in US-based steel producer Esmark Incorporated.
The termination of memorandum of agreement between Esmark and Indian steelmaker Essar had been a condition to the Severstal's tender offer for Esmark.
All other terms and conditions for the tender offer remained the same, as set in the Offer to Purchase filed with the United States Securities and Exchange Commission on May 30,2008.