The United States Steel Corporation was given multiple offers for its acquisition that went past $40 per share, CNBC reported on Wednesday citing sources with knowledge on the matter.
According to the sources, the steel producer's board of directors will be meeting today. It was further added that Cleveland-Cliffs Inc.'s updated bid is currently above $40 a share, higher than the $35 per share offered originally. Meanwhile, CNBC noted that ArcelorMittal S.A. allegedly could have enough money to offer to buy out US Steel for $45 per share in all cash. However, the details of its bid remain unknown.
The company's stock jumped 3.52% at 9:56 am ET, following the news, selling at $37.61 apiece. Yesterday, at the close, its shares were going for $36.39 apiece.
