U.S Steel rejects Cleveland-Cliffs offer
Wall Street Breakfast
Seeking Alpha
4.1 • 1K Ratings
🗓️ 14 August 2023
⏱️ 7 minutes
🧾️ Download transcript
Summary
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Transcript
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| 0:00.0 | Welcome to See King Alpha's Wall Street breakfast, where we cover the top news for investors every morning. |
| 0:07.0 | Good morning. Today is Monday, August 14th, and I'm your host Julie Morgan. |
| 0:12.0 | U.S. Steel has rejected an offer by Cleveland Cliffs. |
| 0:15.5 | Tesla is lowering its prices in China, |
| 0:18.4 | and we've got stocks to watch as wildfires |
| 0:21.1 | continue to devastate Maui. |
| 0:23.4 | U.S. Steel said it started a formal review process after rejecting a $7.25 billion cash |
| 0:30.4 | and stock takeover offer from Cleveland Cliffs. |
| 0:33.6 | According to a statement on Sunday, Cleveland Cliffs said it made an offer to U.S. Steel's |
| 0:38.1 | board on July 28th, consisting of $17.50 in cash and 1.03 shares of Cliff's stock. |
| 0:46.5 | The offer represents a 43% premium to U.S. Steel's closing price on Friday. The bid was rejected as being unreasonable by |
| 0:55.8 | US Steel's board on Sunday. According to a statement US Steel said it began a |
| 1:00.7 | review process after receiving multiple offers that range from the |
| 1:04.8 | acquisition of certain production assets to proposals for the entire company. |
| 1:09.7 | Cleveland Cliff said it remains prepared to engage immediately in substantive discussions |
| 1:15.4 | with U.S. Steel to work towards a mutually acceptable definitive agreement and is ready to |
| 1:20.9 | commit all necessary resources to finalize documentation. |
| 1:25.2 | A combined Cliffs and U.S. Steel is expected to generate synergies of about 500 million dollars. |
| 1:31.9 | Tesla has dropped the prices for its model. about $500 million. |
| 1:32.9 | Tesla has dropped the prices for its model why long-range and performance |
| 1:37.1 | versions in China amid the ongoing electric vehicle price war. |
| 1:41.4 | The starting prices for both models were cut by more than |
... |
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