US Steel Rejects $7.25 Billion Bid From Rival Cliffs

US Steel rejected a $7.25 billion takeover bid from Cleveland Cliffs, opting to review its strategic options instead. Cliffs' proposal, which was made privately on July 28th, was deemed unreasonable despite offering a 43% premium. US Steel defended its decision, citing Cliffs' refusal to sign a non-disclosure agreement without pre-agreed economic terms. The potential merger could significantly impact global competition in the steel industry.

What was the value of the takeover bid that US Steel rejected from Cleveland Cliffs?

• $5.5 billion

• $6.5 billion

• $7.25 billion

• $8 billion

When did Cleveland Cliffs privately submit their proposal to US Steel?

• August 1st

• July 28th

• August 15th

• July 15th

What percentage premium did Cleveland Cliffs' offer represent over US Steel's last closed price?

• 43%

• 40%

• 35%

• 30%

Why did US Steel defend its decision to reject the proposal from Cleveland Cliffs?

• US Steel wanted a higher offer

• US Steel was planning to merge with another company

• Cliffs refused to sign a non-disclosure agreement without pre-agreed terms

• Cliffs had a poor financial record

What potential impact could the merger between US Steel and Cleveland Cliffs have had?

• Increase competition in the US market

• Create a monopoly in the steel industry

• Help Cliffs compete with global players

• Reduce steel production costs