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Dofasco and ThyssenKrupp Announce Mailing of Bid Circular
Dofasco and ThyssenKrupp Announce Mailing of Bid Circular.
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[{"type":"text","content":"\n\n\n\n\n- Offer in connection with previously announced friendly all-cash deal -\n\nHAMILTON, ON and DUSSELDORF, Germany, Dec. 5 /CNW/ - Dofasco Inc. and\nThyssenKrupp AG jointly announced today that ThyssenKrupp has mailed to\nDofasco shareholders its bid circular in connection with its previously\nannounced offer to acquire all of Dofasco's outstanding common shares in a\nfriendly, all-cash transaction for total consideration of approximately\nC$4.8 billion (EUR 3.5 billion), or C$61.50 per common share.\nIncluded in the package mailed to shareholders today is the Directors'\nCircular prepared by the Dofasco Board of Directors which unanimously\nrecommends that shareholders accept the ThyssenKrupp offer.\nThe offer price represents a 40% premium over Dofasco's closing share\nprice on November 22, 2005, the day prior to the announcement by Arcelor of\nits intention to make a hostile bid for Dofasco of C$56.00 per share.\nThyssenKrupp's offer of November 28 also represents a 9.8% premium over the\nArcelor bid.\n\"Dofasco's Board of Directors is unanimously recommending that\nshareholders accept the offer,\" said Brian MacNeill, Chair.\n\"ThyssenKrupp's premium offer shows the value we place in Dofasco as an\nideal strategic partner and platform for growth in the North American market,\"\nsaid Dr. Ekkehard Schulz, Chairman of the Executive Board of ThyssenKrupp. \"We\nhave been operating in Canada since 1914 with more than 4,200 employees today.\nWe know what it takes to do business in Canada and succeed.\"\nDofasco and ThyssenKrupp both have successful records in producing\npremium flat-rolled steel products, providing world-class customer service and\ndemonstrating excellent performance.\nThe offer will be subject to customary closing conditions including\nacceptance by shareholders representing a minimum of two-thirds of the\noutstanding Dofasco shares on a fully diluted basis, and receipt of necessary\nregulatory approvals including Investment Canada and Competition Act. The\nOffer will be open for acceptance until 12:01 a.m. EST on January 10, 2006,\nunless the Offer is extended or withdrawn.\nShareholders may obtain a copy of the take-over bid circular, directors'\ncircular and other materials (when available) at the SEDAR web site at\nwww.sedar.com, from Georgeson Shareholder Communications Canada Inc. at \n1-866-439-061...