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US Steel rejected a $7.3bn acquisition bid from rival Cleveland-Cliffs on Sunday. Cleveland-Cliffs had proposed a shares-and-cash acquisition for a total of $35/share of US Steel stock, a 43% premium on US Steel’s closing price of $22.72 on Friday. Cleveland-Cliffs’s CEO said that he hoped to continue to engage with US Steel on a possible deal; however, US Steel declined to comment on the offer. US Steel said that it was considering strategic options and had already received multiple unsolicited bids ranging from buying the whole company to certain specific assets.
US Steel’s bonds did not react with its bonds trading stable at 96-98 cents on the dollar.
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