Arcelor mails its bid circular to Dofasco
Luxembourg-based steel giant Arcelor S.A. announced on Friday that it mailed to Dofasco shareholders its takeover bid circular in connection with its previously announced all-cash offer to take over all of the outstanding common shares of Canadian steelmaker Dofasco Inc at C$63.00 per share.
As previously reported by SteelOrbis, Arcelor last week increased its offer for Dofasco to C$ 63.00 per share from its previous offer of C$56.00 per share. The latest offer is 2.4 percent higher than German ThyssenKrupp AG's offer of C$61.50 per share.
Dofasco Board of Directors will consider the offer on a timely basis and make a recommendation to Dofasco shareholders.
Arcelor officials had previously indicated that expansion into
North America was a key strategic objective for the company.