Source AP ©

Celtic urges shareholders to refuse Severstal bid

Celtic Resources Holdings PLC’s shareholders were asked by the company to reject a takeover offer from Russian steelmaker JSC Severstal.

Severstal approached the Celtic's board on Sept. 5 with an offer of 220 pence (EUR3.16; US$4.48) a share, which Celtic rejected. Later in the month, Severstal raised its offer to 270 pence (EUR3.88; US$5.50) a share, an offer it said valued the company at about 161 million pounds (EUR231 million; US$328 million).

"Severstal's proposed offer of 270 pence (EUR3.88; US$5.50) a share fails to recognize the company's excellent position, planned growth in production against a background of a high and rising gold price," Celtic said in a statement. "Severstal is trying to buy Celtic cheaply."

Severstal has said its offer provides "excellent value" for Celtic shareholders.

Shares of Celtic Resources dipped 0.7 percent to 277 pence (EUR3.98; US$5.64) in London.

Comments
NATO to build prestrike staging base in Georgia
On the report of Human Rights Watch against the DPRK
2018: A critical lack of common sense in world governance
NATO to build prestrike staging base in Georgia
Russia unveils nuclear-powered interstellar spaceship
Russia unveils nuclear-powered interstellar spaceship
Capital outflow from Russia sets new records
Putin prepares bitter and hysterical missile surprise to 'American partners'
Putin prepares bitter and hysterical missile surprise to 'American partners'
Austria will not ruin its friendship with Russia despite spy scandal
The difference between Polish and Ukrainian nationalism is plain to see
Russia unveils nuclear-powered interstellar spaceship
The difference between Polish and Ukrainian nationalism is plain to see
Russia loses nuclear-capable cruise missile in Barents Sea. US intelligence finds it
Russia loses nuclear-capable cruise missile in Barents Sea. US intelligence finds it
Russia loses nuclear-capable cruise missile in Barents Sea. US intelligence finds it
Russia loses nuclear-capable cruise missile in Barents Sea. US intelligence finds it
Capital outflow from Russia sets new records
Russia close to recognising Donetsk and Luhansk republics after Donbass elections
Russia's game in Libya
US midterm elections: Impeachment unlikely, Russophobia getting stronger