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Dofasco Board Defers Activation of Shareholders Rights Plan, Reaffirms Support for ThyssenKrupp Offer
Dofasco Board Defers Activation of Shareholders Rights Plan, Reaffirms Support for ThyssenKrupp Offer.
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[{"type":"text","content":"\n\n\n\n\nHAMILTON, ON, Jan. 6 /CNW/ - Dofasco Inc. announced that at a meeting of\nthe company's Board of Directors today, Directors unanimously approved\ndeferring the separation of the Rights under the terms of Dofasco's\nShareholder Rights Protection Plan, in respect of the Arcelor Offer for\nDofasco's common shares announced December 23, 2005. Accordingly, the\nseparation time under the Plan has been postponed with respect to the Arcelor\noffer until the close of business on February 28, 2006.\nDofasco also announced that the Board of Directors unanimously recommends\nthat Dofasco shareholders accept the revised ThyssenKrupp offer of \nJanuary 3, 2006, at an offer price of $63 per common share, and tender their\nshares to the offer prior to the expiry date of January 25, 2006. The Board's\nrecommendation formally confirms the January 3rd recommendation of the Special\nCommittee of Dofasco's Board. The Board further recommends that Dofasco\nshareholders reject the Arcelor offer announced December 23, 2005, and do not\ndeposit their shares to the offer. The Board is making this recommendation\nprimarily because the revised ThyssenKrupp offer is less conditional than the\nArcelor offer, while offering the same cash price to shareholders.\n\nDofasco is a leading North American steel solutions provider. Product\nlines include hot rolled, cold rolled, galvanized, Extragal(TM), Galvalume(TM)\nand tinplate flat rolled steels, as well as tubular products, laser-welded\nblanks and Zyplex(TM), a proprietary laminate. Dofasco's wide range of steel\nproducts is sold to customers in the automotive, construction, energy,\nmanufacturing, pipe and tube, appliance, packaging and steel distribution\nindustries.\n\nThis News Release contains forward-looking information with respect to\nDofasco's operations and future financial results. Actual results may differ\nfrom expected results for a variety of reasons including the factors discussed\nin the Management's Discussion and Analysis section of Dofasco's 2004 Annual\nReport and the Quarterly Reports to Shareholders for the periods ended \nMarch 31, 2005, June 30, 2005 and September 30, 2005.\n\n\n\n","length":2214,"tagName":"div"}]