Essar says ready to raise bid for Esmark
Indian conglomerate Essar group today said it is ready to increase its offer for acquiring US steel firm Esmark, for which Russia's Severstal has made a matching rival bid.
By Agencies |
NEW YORK: Indian conglomerate Essar group today said it is ready to increase its offer for acquiring US steel firm Esmark, for which Russia's Severstal has made a matching rival bid.
In a statement issued here, Essar Steel said that today it informed the Esmark Board about its willingness to increase its previous offer of 17 dollars per share for acquisition of the company.
Essar also said that it would consider making an increased bid after it had obtained additional information from Esmark.
The offer made by Essar on April 30 was accepted by the Esmark Board, following which the two company had entered into a deal that put Esmark's enterprise value at 1.1 billion dollars.
The deal included a proposed tender offer for a cash purchase price of 17 dollars per share of all outstanding shares of the Nasdaq listed steel company.
However, days after the agreement, Severstal made a matching bid of 17 dollars per share for Esmark, fuelling a bidding war for the US firm.
In a statement issued here, Essar Steel said that today it informed the Esmark Board about its willingness to increase its previous offer of 17 dollars per share for acquisition of the company.
Essar also said that it would consider making an increased bid after it had obtained additional information from Esmark.
The offer made by Essar on April 30 was accepted by the Esmark Board, following which the two company had entered into a deal that put Esmark's enterprise value at 1.1 billion dollars.
The deal included a proposed tender offer for a cash purchase price of 17 dollars per share of all outstanding shares of the Nasdaq listed steel company.
However, days after the agreement, Severstal made a matching bid of 17 dollars per share for Esmark, fuelling a bidding war for the US firm.
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