US-based steel processor Worthington Steel has announced the results of the initial acceptance period for its voluntary public tender offer for Germany-based producer and distributor of steel and non-ferrous metals Kloeckner & Co SE.
According to Worthington Steel, following the expiration of the initial acceptance period on March 26, 2026, the minimum acceptance threshold of 57.5 percent set for the offer has been exceeded, fulfilling the relevant requirements for the first stage of the acquisition process.
Worthington Steel stated that Kloeckner shareholders who have not yet accepted the offer will be able to participate during the additional acceptance period, which will begin on April 1, 2026 and end on April 14, 2026.
Commenting on the matter, Worthington Steel president and CEO Geoff Gilmore said that the strong support from shareholders during the initial acceptance period represents an important step toward completing the transaction, adding that the additional acceptance period provides shareholders with another opportunity to participate.
According to Worthington Steel, the transaction is expected to be completed in the second half of 2026.
