CLEVELAND-CLIFFS INC. (CLF): M&A transaction — Cleveland-Cliffs completes Stelco acquisition for C$60 cash + 0.454 CLF shares per share

CLEVELAND-CLIFFS INC.

Acquisition consummated November 1, 2024 via statutory plan of arrangement under Canada Business Corporation Act.
Each Stelco share exchanged for C$60.00 cash plus 0.454 share of CLF common stock.
Outstanding Stelco restricted share units and deferred share units also converted to same consideration and cancelled.
Financial statements and pro forma information to be filed by amendment within 71 days.

Key facts

Extracted from this filing and checked against the source text.

M&A Transactions SEC 8-K Item 2.01/5.01 confidence 0.9

CLEVELAND-CLIFFS INC. completed an acquisition involving Stelco Holdings Inc. for C$60.00 in cash plus 0.454 of a share of Cliffs’ common stock per Stelco Share (closed 2024-11-01).

Action: acquisition
Counterparty: Stelco Holdings Inc.
Consideration: C$60.00 in cash plus 0.454 of a share of Cliffs’ common stock per Stelco Share
Closing: 2024-11-01

Exact text from the filing

(the “ Effective Time ”), each Stelco Share outstanding immediately prior to the Effective Time was transferred by the holder thereof to Purchaser in exchange for (a) C$60.00 in cash (the “ Cash Consideration ”) plus (b) 0.454 of a share of Cliffs’ common stock (“ Cliffs Common Stock ”), $0.125 par value per share (together with the Cash Consideration

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Source: SEC EDGAR

accession 0000764065-24-000199

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