Arcelor pulls ahead in bidding war
Luxembourg's Arcelor has trumped ThyssenKrupp's latest bid for Dofasco, raising the per share amount to $71 Canadian (CA) yesterday, allowing Dofasco's board of directors to deem Arcelor's bid more appealing.
A member of Dofasco's board called Arcelor's offer Monday a "superior proposal," indicating the company might be ready to abandon ThyssenKrupp's offer in favor of their rival's.
German steel giant ThyssenKrupp has until next Monday to submit a superior offer, and many expect that they will do so, raising the per share bid to CA$72.40.
Dofasco must pay ThyssenKrupp a break fee of CA$215 million if they decide to go with Arcelor.