Cleveland Cliffs to acquire AK Steel in an all-stock deal valued at $1.1 billion

Cleveland Cliffs (CLF) agreed to acquire AK Steel in an all-stock transaction valued at $1.1 billion. Under the terms, AKS shareholders will receive 0.40 shares of CLF common stock for each outstanding AKS share, implying a consideration of $3.36 per share. The combined company will be 68% owned by CLF shareholders and 32% by AKS shareholders, with expected annual cost savings of $120 million.

“Overnight news broke that Cleveland Cliffs (CLF) agreed to acquire AK Steel in an all-stock deal valued at $1.1 billion. Under the deal terms, AKS shareholders will receive 0.40 shares of CLF common stock for each outstanding AKS share. The fixed exchange ratio implies a consideration of $3.36/share.”

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