Essar announced on May 1 that it had agreed to material terms of a proposed tender offer for cash purchase price of $17 per share of all outstanding of Nasdaq listed Esmark Inc.
However, the agreement was in the 52 day "right to bid" period after which Essar which would actually make the offer to buy out the shares.
Esmark is a steel production and distribution company with a capacity of 2.4 million tonnes and steel distribution centres across USA. Essar Steel officials were not available for comment.
Severstal matches Essar bid for Esmark
