By Lisa Kerner
Charlotte, N.C., Jan. 9 - Evraz Group SA said its proposed $2.3 billion acquisition of Oregon Steel Mills, Inc. has been approved by the Committee on Foreign Investment in the United States, satisfying a condition of the company's pending cash tender offer.
An additional condition, requiring expiration or termination of the International Traffic in Arms Regulations, has been waived by Evraz.
Evraz extended to Jan. 12 from Jan. 9 the cash tender offer by its subsidiary Oscar Acquisition Merger Sub, Inc. to purchase all outstanding shares of Oregon Steel common stock.
As of Jan. 9, more than 12 million shares of Oregon Steel had been tendered, according to a news release.
Evraz, Oscar Acquisition and Oregon Steel originally announced their merger agreement on Nov. 20 in which Oregon Steel stockholders would receive $63.25 in cash for each share of Oregon Steel common stock.
| Acquirer: | Oscar Acquisition Merger Sub, Inc., a wholly owned subsidiary of Evraz Group SA
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| Target: | Oregon Steel Mills, Inc.
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| Transaction value: | $2.3 billion
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| Payment per share: | $63.25
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| Announcement date: | Nov. 20
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| Expected closing: | Jan. 12
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| Stock price for target: | NYSE: OS; $62.69 on Jan. 8
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