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According to Reuters, ArcelorMittal (NYSE:MT), the world’s second-largest steel producer, is considering making an offer to acquire United States Steel (NYSE:X). This comes after US Steel announced that it started exploring interest from potential acquirers, as reported in real time on InvestingPro.
ArcelorMittal is looking into the idea with its investment bankers, but it’s uncertain if they will proceed, according to people familiar with the matter.
This move could spark a bidding war, as Esmark offered $35 per share for US Steel earlier this week. And before that, US Steel rejected an unsolicited cash and stock proposal from Cleveland-Cliffs (NYSE:CLF), which offered $17.50 in cash along with 1.023 of its own shares for each share of US Steel. US Steel called the offer “unreasonable.”
US Steel shares gained more than 36% for the week, while ArcelorMittal closed the week with a 4% loss.
Shares of Tower Semiconductor (NASDAQ:TSEM) dropped more than 10% on Wednesday, followed by the confirmation from Intel (NASDAQ:INTC) that both companies have agreed to cancel their earlier announced takeover deal. Intel shares fell more than 3% on the same day.
Initially revealed on February 15 last year, the merger proposal would have had Intel paying $5.4 billion for the acquisition of Israel-based Tower Semiconductor. Intel cited difficulties in obtaining regulatory approvals within the required time frame.
Shares of Intel lost 5.6% for the week to $32.75.
Together with its Q2 earnings results, Arena Group (NYSE:AREN) announced a strategic expansion with Bridge Media Networks, which resulted in a share price gain of more than 10% on Tuesday.
The company signed a binding letter of intent to combine with Bridge Media Networks. As part of the proposed transaction, Bridge Media Networks’ parent company Simplify Inventions will invest $50 million in cash in the combined entity, of which $25M will be in the form of common stock and $25M will be in the form of non-convertible preferred stock. Additionally, The Arena Group will receive a five-year guaranteed advertising commitment of approximately $60M from a group of consumer brands also owned by Simplify.
Arena shares closed the week with more than a 30% gain.
Energy Transfer (NYSE:ET) agreed to buy Crestwood Equity (NYSE:CEQP) in an all-equity transaction.
The transaction is valued at approximately $7.1 billion, including the assumption of $3.3B of debt, based on Crestwood’s closing price on August 15, 2023.
Ball (NYSE:BALL), the world’s leading producer of circular aluminum packaging for global beverage and household brands, announced on Thursday that it has reached an agreement to sell its aerospace business to BAE Systems (LON:BAES) for gross proceeds of $5.6B in cash.
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