Russian firm extends deadline for W.Va. share buys July 18, 2008 7:36 PM
WHEELING, W.Va.
Russia's OAO Severstal has extended the deadline on its offer to purchase all outstanding shares of Esmark Inc.
In a statement released Friday, the company said the tender offer will now expire at 10 a.m. on Aug. 4.
Severstal said the deadline is being extended to allow for the expiration of the review period by the Committee on Foreign Investment in the United States.
The original expiration of the tender offer was to be midnight on Friday.
Severstal is buying the parent of Wheeling-Pittsburgh Corp. for $760 million, plus the assumption of debt and loans. That puts the total value of the deal at $1.25 billion. When completed, the new company will be registered in Delaware as Severstal Wheeling Inc.
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