5 big deal reports: US Steel bidding war heats up; ArcelorMittal weighing an offer
Investing.com — Here is your Pro Recap of 5 head-turning deal dispatches you may have missed last week: ArcelorMittal considers acquiring US Steel, Intel and Tower Semiconductor terminate the acquisition, Arena Group announces strategic expansion with Bridge Media Networks, and merger deals at Energy Transfer and Crestwood Equity, and Ball’s aerospace business and BAE Systems.
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According to Reuters, ArcelorMittal (NYSE:MT), the world's second-largest steel producer, is considering making an offer to acquire United States Steel (NYSE:X). This comes after US Steel announced that it started exploring interest from potential acquirers, as reported in real time on InvestingPro.
ArcelorMittal is looking into the idea with its investment bankers, but it's uncertain if they will proceed, according to people familiar with the matter.
This move could spark a bidding war, as Esmark offered $35 per share for US Steel earlier this week. And before that, US Steel rejected an unsolicited cash and stock proposal from Cleveland-Cliffs (NYSE:CLF), which offered $17.50 in cash along with 1.023 of its own shares for each share of US Steel. US Steel called the offer «unreasonable.»
US Steel shares gained more than 36% for the week, while ArcelorMittal closed the week with a 4% loss.
Shares of Tower Semiconductor (NASDAQ:TSEM) dropped more than 10% on Wednesday, followed by the confirmation from Intel (NASDAQ:INTC) that both companies have agreed to cancel their earlier announced takeover deal. Intel shares fell more than 3% on the same day.
Initially revealed on February 15 last year, the merger proposal would have had Intel paying $5.4 billion for the
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