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Takeover of AK Steel Holding Corporation (NYSE: AKS) under Investigation for Investors

02-13-2020 04:09 PM CET | Business, Economy, Finances, Banking & Insurance

Press release from: Shareholders Foundation

Investigation on behalf of investors of AK Steel Holding Corporation (NYSE: AKS) in connection with the proposed takeover.

Investigation on behalf of investors of AK Steel Holding Corporation (NYSE: AKS) in connection with the proposed takeover.

An investigation was announced concerning whether the takeover of AK Steel Holding Corporation is unfair to NYSE: AKS stockholders.

Investors who purchased shares of AK Steel Holding Corporation (NYSE: AKS) and currently hold any of those NYSE: AKS shares have certain options and should contact the Shareholders Foundation at mail@shareholdersfoundation.com or call +1(858) 779 - 1554.

The investigation by a law firm concerns whether certain officers and directors of AK Steel Holding Corporation breached their fiduciary duties owed to NYSE: AKS investors in connection with the proposed acquisition.

West Chester, OH based AK Steel Holding Corporation, through its subsidiary, AK Steel Corporation, produces flat-rolled carbon, and stainless and electrical steel products in the United States and internationally. On December 3, 2019, Cleveland-Cliffs Inc. (NYSE: CLF) and AK Steel Holding Corporation (NYSE: AKS) are pleased to announce that they have entered into a merger agreement pursuant to which Cleveland-Cliffs Inc will acquire all of the issued and outstanding shares of AK Steel common stock. Under the terms of the merger agreement, AK Steel shareholders will receive 0.40 shares of Cliffs common stock for each outstanding share of AK Steel common stock they own. Based on a closing price of $8.41 per NYSE: CLF share investors in NYSE: AKS shares will receive a value of approximately $3.36 per NYSE: AKS shares.

However, given that at least one analyst has set the high target price for NYSE: AKS shares at $3.50 per share and given that NYSE: AKS shares reached as high as $3.59 per share on December 12, 2019, the investigation concerns whether the offer is unfair to NYSE: AKS stockholders. More specifically, the investigation concerns whether the AK Steel Holding Board of Directors undertook an adequate sales process, adequately shopped the company before entering into the transaction, maximized shareholder value by negotiating the best price, and acted in the shareholders' best interests in connection with the proposed sale.

AK Steel Holding Corporation reported that its annual Total Revenue rose from over $6.08 billion in 2017 to over $6.81 billion in 2018 and that its Net Income increased from $6.2 million in 2017 to $186.7 million in 2018.

Shares of AK Steel Holding Corporation (NYSE: AKS) closed on February 12, 2020, at $3.03 per share.

Those who are current investors in AK Steel Holding Corporation (NYSE: AKS) shares have certain options and should contact the Shareholders Foundation.

Media Contact:
Michael Daniels
Shareholders Foundation, Inc.
3111 Camino Del Rio North
Suite 423
San Diego, CA 92108
Tel: +1-(858)-779-1554
E-Mail: mail@shareholdersfoundation.com

About Shareholders Foundation, Inc.
The Shareholders Foundation, Inc. is a professional portfolio monitoring and settlement claim filing service, and an investor advocacy group, which does research related to shareholder issues and informs investors of securities class actions, settlements, judgments, and other legal related news to the stock/financial market. Shareholders Foundation, Inc. is in contact with a large number of shareholders and offers help, support, and assistance for every shareholder. The Shareholders Foundation, Inc. is not a law firm. Referenced cases, investigations, and/or settlements are not filed/initiated/reached and/or are not related to Shareholders Foundation. The information is provided as a public service. It is not intended as legal advice and should not be relied upon.

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