Cleveland-cliffs to acquire ak steel

Cleveland-cliffs to acquire ak steel.cleveland-cliffs inc - fixed exchange ratio implies a consideration of $3.36 per share of ak steel common stock.cleveland-cliffs inc - transaction implies an aggregate consideration to ak steel shareholders of approximately $1.1 billion.cleveland-cliffs inc - deal for total enterprise value of approximately $3.0 billion.cleveland-cliffs inc - cliffs shareholders will own approximately 68% of combined company.cleveland-cliffs - under terms , ak steel shareholders will receive 0.40 shares of cliffs common stock.cleveland-cliffs inc - cliffs has obtained an approximately $2 billion financing commitment from credit suisse.cleveland-cliffs inc - transaction has been unanimously approved by both companies' boards.cleveland-cliffs inc - lourenco goncalves, chairman of board, president and ceo of cliffs, will lead expanded organization.cleveland-cliffs - combination is expected to generate about $120 million of annual cost synergies to be fully realized within first 1 year after closing.cleveland-cliffs inc - deal sees realization of $120 million in annual cost synergies.cleveland-cliffs inc - transaction will be leverage-neutral with pro forma total debt to adjusted ebitda of 3.5x.cleveland-cliffs inc - newport will retire as ceo and a director of ak steel..cleveland-cliffs inc - cliffs will continue to be listed on nyse with its headquarters in cleveland.
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