The buyout deal with the mining company Cleveland-Cliffs Inc seem to have had an affect in rising share value of the steel maker, AK Steel Holding Corp.. On tuesday 3rd December, 2019, AK Steel shares rose by 3.1% in morning trading.
It is an an all-stock deal valued at $1.1 billion and is expected to be closed in the first half of 2020. As part of the deal, anyone holding a share of AK Steel will receive 0.40 shares of Cleveland-Cliffs common stock.
AK Steel symbol : AKS
Cleveland-Cliffs : CLF