Cleveland Cliffs Inc (CLF)

[abracky]

Cleveland-Cliffs (NYSE:CLF) – Cleveland-Cliffs made a takeover bid higher than US Steel Corp (NYSE:X) by $1.4 billion compared to Nippon Steel’s cash offer, according to a regulatory filing. Nippon Steel won with a $14.1 billion offer, at a significant premium. US Steel reported an entity referred to as “Company D”, possibly Cleveland-Cliffs, raising the offer to $54 per share, predicting synergies of $6.50 per share. Concerns included regulations and material costs, leading Cleveland-Cliffs to agree to pay a $1.5 billion termination fee and divest assets up to $2 billion in revenues to secure antitrust approval.