Business
Dofasco and ThyssenKrupp Announce Increased Offer to C$68.00
Dofasco and ThyssenKrupp Announce Increased Offer to C$68.00.
About this update from Playgon Games, Inc.
[{"type":"text","content":"\n\n\n\n\nOffer in connection with previously announced supported all-cash deal\n\n- Increased offer price of C$68.00 per common share\n- Increased break fee of C$215 million\n- Offer extended to January 26, 2006\n- Dofasco's Board of Directors unanimously recommends acceptance of offer\n\nHAMILTON, ON and DUESSELDORF, GERMANY, Jan. 14 /CNW/ - Dofasco Inc. and\nThyssenKrupp AG jointly announced today that ThyssenKrupp has agreed to\nincrease its cash offer to purchase all of the outstanding common shares of\nDofasco Inc. from C$63.00 to C$68.00 per common share. In consideration for\nthe increased offer price Dofasco has agreed to amend the existing Support\nAgreement with ThyssenKrupp and to increase the break fee payable from C$100\nmillion to C$215 million. Under the terms of the Support Agreement the break\nfee becomes payable to ThyssenKrupp by Dofasco in the event the offer is not\ncompleted under certain circumstances.\nThyssenKrupp intends to mail a notice of variation and extension to\nDofasco shareholders on Monday, January 16, 2006, and will extend the date of\nacceptance of its increased offer from January 25 to January 26, 2006, in\naccordance with applicable securities laws. The Dofasco Board of Directors\nalso intends to mail to Dofasco shareholders on Monday, January 16, 2006, a\nDirectors Circular unanimously recommending to Dofasco shareholders that they\naccept the ThyssenKrupp offer and reject the Arcelor offer announced December\n23, 2005.\nBrian MacNeill, Chair of Dofasco's Board of Directors, said: \"The\nThyssenKrupp offer provides excellent value for Dofasco shareholders and is\nsupported by the strategic value of Dofasco to ThyssenKrupp in accelerating\nthe growth of the combined companies in North America. Dofasco's Board of\nDirectors believes this strong offer is in the best interests of Dofasco\nshareholders, and we encourage them to tender their shares to the offer.\"\n\"With this very attractive offer we would like to make it even easier for\nDofasco shareholders to tender their shares to us, so that we can pool our\nstrengths with Dofasco and grow together\" said Dr. Ekkehard Schulz, Chairman\nof the Executive Board of ThyssenKrupp.\nShareholders may obtain a copy of the notice of variation and extension\n(when available) takeover bid circular, directors' circular and other\nmaterials at the SEDA...