Evraz begins tender offer for Claymont Steel

By Lisa Kerner

Charlotte, N.C., Dec. 18 - Evraz Group SA, through its subsidiary Titan Acquisition Sub, Inc., began its $23.50-per-share tender offer for Claymont Steel Holdings Inc.

The tender offer will end at midnight ET on Jan. 16.

Once the offer is completed, Claymont Steel will become a subsidiary of Evraz, a company news release stated.

It was previously reported that Evraz agreed to acquire Claymont Steel in a deal valued at $564.8 million in order to expand Evraz's presence in North America.

Claymont Steel's board of directors approved the offer and recommended that its shareholders also accept the offer.

H.I.G. Capital LLC, Inc., with a 42.6% stake in Claymont Steel, agreed to tender its shares in the offer.

Evraz is a vertically integrated steel and mining business based in Luxembourg.

Claymont Steel manufactures and sells custom discrete steel plate. The company is located in Claymont, Del.

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