Severstal Extends Tender Offer for Esmark Shares
07/21/2008 - OAO Severstal extends the expiration for its tender offer to purchase outstanding shares of Esmark to Monday, August 4, 2008.
OAO Severstal has extended the expiration date for its tender offer to purchase all outstanding shares of Esmark Inc. at an offer price of $19.25 per share to Monday, August 4, 2008.
Severstal extended the tender offer to allow for expiration of the review period by the Committee on Foreign Investment in the United States (CFIUS) under the Exon-Florio Amendment to the Defense Production Act of 1950, as amended. The CFIUS review period is expected to expire on Friday, August 1, 2008.
As of the close of business on July 18, 2008, a total of 34,366,906 shares of Esmark’s common stock (representing approximately 86.98% of the outstanding Esmark shares) have been tendered and not withdrawn pursuant to the tender offer.
Merrill Lynch is the Dealer Manager and Citibank, NA is the Depositary for the tender offer. Skadden, Arps, Slate, Meagher & Flom LLP is acting as legal counsel to Severstal.
OAO Severstal, an international metals and mining company, focuses on high value added and unique niche products and has a successful track record of acquiring and integrating high-quality assets in North America and Europe. Severstal owns mining assets in Russia, thus securing its supplies of raw materials. In 2007, Severstal produced 17.5 million tons of steel. Revenues were $15.2 billion, EBITDA was $3.7 billion, and EPS was $1.92.
Severstal International is an operating division of OAO Severstal comprising North American and European segments.
