The Russian steel producer Evraz Group (Evraz) has announced that it has commenced a cash tender offer to US-based plate producer Claymont Steel through its 100-percent owned subsidiary Titan Acquisition Sub, Inc. (Titan).
The cash tender offer was commenced following the previously announced definitive agreement between Evraz, Titan Acquisition Sub and Claymont Steel.
Upon the successful closing of the tender offer, Claymont Steel shareholders will receive $23.5 in cash for each of the company's common stock tendered in the offer. The tender offer will expire at 12.00 midnight on January 16, 2008, unless extended in accordance with the rules and regulations of the Securities and Exchange Commission.
The offer is subject to customary conditions, including anti-trust clearance and the acquisition by Evraz of a major stake in Claymont Steel on fully diluted basis.