Business
Dofasco responds to unsolicited Arcelor take-over bid
Dofasco responds to unsolicited Arcelor take-over bid.
About this update from Playgon Games, Inc.
[{"type":"text","content":"\n\n\n\n\nHAMILTON, ON, Nov. 23 /CNW/ - Dofasco Inc. announced that its Board of\nDirectors is reviewing an unsolicited all-cash takeover bid of $56 per share\nfrom Arcelor S.A. for all outstanding Dofasco common shares. The offer will\nremain open for at least 60 days after the mailing of the takeover bid\ncircular.\nDofasco's Board of Directors is reviewing the offer in the context of the\ncompany's alternatives to maximize shareholder value. To assist in this\nanalysis, Dofasco's Board of Directors has established a Special Committee of\nindependent directors comprised of Brian MacNeill, Roger Doe, Frank Logan and\nPeter Maurice. Additionally, Dofasco's Board has retained RBC Capital Markets\nas financial advisors in the process, and Fasken Martineau DuMoulin LLP as its\nlegal counsel.\n\"The Board will give due consideration to the Arcelor bid. Pending the\nBoard's recommendation, shareholders are urged not to tender to the offer\",\nsaid Dofasco Chair, Brian MacNeill.\nOn May 7, 2004, Dofasco shareholders approved an amended and restated\nshareholder protection rights plan (the \"2004 Rights Plan\") which is a\nsuccessor to similar plans which have been in place since 1989. The Plan was\nadopted by shareholders as a mechanism to ensure that in the event of an\nunsolicited offer there would be adequate time to appropriately evaluate the\noffer and to explore alternatives to maximize value.\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":2356,"tagName":"div"}]