|Company name||AK Steel Holding Corporation|
NEW YORK, December 3, 2019 – Bragar Eagel & Squire, P.C., a nationally recognized stockholder law firm, has launched an investigation into whether the board members of AK Steel Holding Corporation (NYSE: AKS) breached their fiduciary duties or violated the federal securities laws in connection with the company’s proposed sale to Cleveland-Cliffs Inc.
On December 3, 2019, AK Steel announced that it had signed an agreement to be acquired by Cleveland-Cliffs for a total of approximately $1.1 billion. Per the merger agreement, AK Steel shareholders will receive 0.40 shares of Cleveland-Cliffs common stock for each share of AK Steel common stock owned. The deal is scheduled to close in the first half of 2020. Bragar Eagel & Squire is concerned that AK Steel’s board of directors oversaw an unfair process and ultimately agreed to an inadequate deal price. Accordingly, the firm is investigating all relevant aspects of the deal and is committed to securing the best result possible for AK Steel stockholders.