Stelco Holdings Inc. (“Stelco” or the “Company”) announced that the Ontario Superior Court of Justice (Commercial List) has issued a final order approving the previously announced plan of arrangement (the “Arrangement”) pursuant to which 13421422 Canada Inc. (the “Purchaser”), a wholly-owned subsidiary of Cleveland-Cliffs Inc. (“Cliffs”), will acquire all of the issued and outstanding common shares of Stelco (the “Common Shares”).
Subject to the satisfaction or waiver of the remaining conditions to closing contained in the arrangement agreement with Cliffs (the “Arrangement Agreement”), the Purchaser will acquire all of the issued and outstanding Common Shares for consideration per Common Share of C$60.00 in cash and 0.454 of a share of common stock of Cliffs.
Courtesy of Stelco.