Canadian integrated blast furnace company Dofasco Inc. announced that at the January 6th meeting of the company's Board of Directors, a unanimous approval was given to defer the separation of the Rights under the terms of Dofasco's Shareholder Rights Protection Plan, in respect of The Arcelor Offer for Dofasco's common shares announced December 23, 2005. The separation time under the Plan has been postponed with respect to the Arcelor offer until the close of business on February 28, 2006 accordingly.
Dofasco also announced that the Board of Directors unanimously recommends that Dofasco shareholders accept the revised ThyssenKrupp offer of January 3, 2006, at an offer price of C$63 per common share, and tender their shares to the offer prior to the expiry date of January 25, 2006. The Board's recommendation formally confirms the January 3rd recommendation of the Special Committee of Dofasco's Board. The Board further recommends that Dofasco shareholders reject the Arcelor offer of December 23, 2005, and do not deposit their shares to the offer. The Board is making this recommendation primarily because the revised ThyssenKrupp offer is less conditional than the Arcelor offer, while offering the same cash price to shareholders. |
