Essar Steel all set to acquire Esmark - by Neeha_D
Essar Steel Holdings Ltd, a part of Essar Global Ltd is all set to acquire Esmark of the U.S. at an estimated enterprise value of $1.1 billion. According to sources, Essar has agreed to the material terms of a proposed tender offer for cash purchase price of $17 per share of all outstanding shares of Nasdaq listed Esmark.
Esmark is a steel production and distribution company with a capacity of 2.4 million tonnes annually and steel distribution centres across the U.S.
Initial signs are that Esmark will enter into definitive documentation upon expiration or waiver of the approximate 52 day ‘right to bid’ period set forth in the collective bargaining agreement with the United Steel Workers.
Essar Steel Holdings Limited is a global producer of steel covering India, Canada, the U.S., the Middle East and Asia. It is a fully integrated flat carbon steel manufacturer from iron ore to ready-to-market products.