United States Steel Corporation (NYSE:X) said it has entered into customary confidentiality agreements with numerous third parties and it is starting to share due diligence information as it considers bids for the company, sending its shares higher.
In a letter to shareholders, CEO David Burritt and board chair David Sutherland said that the company believes it is its duty to “fully evaluate all options available for U.S. Steel” after the company received “multiple unsolicited bids” to acquire parts of or the whole company.
The executives, who noted they cannot speak to the specifics of any of the proposals received to date, commented: “We are highly focused on running a fair and competitive process to maximize stockholder value and mitigate transaction execution risk.”
On August 13, U.S. Steel initiated a review of its strategic alternatives on high-level interest in the company from multiple, credible bidders.
Shares of the company rose 2.3% to US$30.58 mid-morning on Monday.
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