Arcelor said it will offer $63 a share, or $4.9 billion, trumping the friendly $61.50-per-share bid Dofasco’s executives arranged with German steel conglomerate ThyssenKrupp AG.
On Friday, investors placed bets that there are more bouts to come, driving Dofasco’s stock (TSX:DFS – news) up 90 cents to $64.80 – above the latest offer.
Arcelor said its proposal will be mailed to Dofasco’s shareholders in coming days.
The Hamilton-based steelmaker’s only response was that “when and if such an offer is made,” its board will consider it.
In a statement on its website, ThyssenKrupp said it has taken note of Arcelor’s announcement and will review the bid before deciding on how to proceed.