Posted in | News | Ferrous Alloys and Metals | Iron and Steel

Friendly Takeover Bid by ThyssenKrupp to Shareholders of Dofasco

Nov 29 2005

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ThyssenKrupp AG has resolved to submit a friendly takeover bid for a 100% interest in the Canadian steel producer Dofasco Inc. at a cash price of C$ 61.50 per share. The Supervisory Board by its Executive Committee (Präsidium) provided its approval today. The Board of Directors of Dofasco unanimously recommends that its shareholders accept the offer.

Prior to this, ThyssenKrupp and Dofasco reached agreement on the submission and the conditions of the takeover bid in the framework of a Support Agreement.

The offer values Dofasco's equity at a total of 3.5 billion euros (C$4.8 billion). The offer price represents a 40 % premium over Dofasco's closing share price on the Toronto stock exchange on November 22, 2005, the day prior to the announcement of the hostile takeover bid by Arcelor for a price of 56,00 C$ per share. It further represents a 9.8 % premium over the Arcelor bid.

http://www.thyssenkrupp.com

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