It's all on Cliffs website. Cliffs is exchanging AKS shares at .40 to 1 and absorbing over 2 billion of AKS debt that is maturing for a combined value of over 3 billion. It's a great deal that enhances both companies as an all in one mining and steel firm.
AKS was at the brink of becoming insolvent and the merger prevented them from filing for BK, where everything is lost.
Wall Street was counting on the BK where shorts were driving them into the ground and upon filing for BK they would have finished the job and would have never had to repay their short positions.
Shareholders should seriously consider a class action against the law firms attempting to derail the deal as they are really behind the crooks on wall street and could care less about shareholders at all. I encourage shareholders to call the wall street attorneys and tell them rotten apples in New York to back off before they get sued and AK Steel is not going out of business and will be making high grade steel for many years to come with the Cliffs merger.
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