The Russian steelmaker Severstal has announced the extension of the expiration date for its tender offer to purchase all outstanding shares of the US-based flat steel producer Esmark Incorporated (Esmark) to 10 a.m. Eastern Daylight Time on Monday, August 4, 2008.
According to Severstal's official release on the issue, the tender offer has been extended to allow for the expiration of the review period by the Committee on Foreign Investment in the United States (CFIUS) under the Exon-Florio Amendment to the Defense Production Act of 1950, as amended. The CFIUS review period is expected to expire at 11:59 p.m. Eastern Daylight Time, on Friday, August 1, 2008.
As of July 18, a total of 34,366,906 shares of Esmark common stock, representing approximately 86.98 percent, have been tendered at the offer price of $19.25 per share.
In late June, 2008, Esmark entered into a definitive merger agreement with Severstal, preferring its offer over that of Indian steelmaker Essar Holding.