Cleveland-Cliffs Inc. and AK Steel Holding Corp. announced that they have received recommendations from both Glass, Lewis & Co. LLC and Institutional Shareholder Services Inc. to vote in favor of their proposed merger transaction.
Under the pending transaction, Cliffs would acquire all of AK Steel’s outstanding shares pursuant to the agreement and plan of merger entered into by Cliffs and AK Steel providing for the merger of a subsidiary of Cliffs with and into AK Steel, with AK Steel surviving as a wholly owned subsidiary of Cliffs, according to a news release. The merger is currently scheduled to close on March 13 and remains subject to adoption by AK Steel’s stockholders of the merger agreement and approval by Cliffs’ shareholders of the merger agreement and the transactions contemplated thereby, including the issuance of new Cliffs’ shares in connection with the proposed merger.
The special shareholder meeting for Cleveland-Cliffs and the special stockholder meeting for AK Steel are each scheduled to take place on Tuesday, March 10 at 11 a.m. Eastern time.
