India's Essar moves into the lead for US Esmark

US steelmaker Esmark endorses EssarÆs improved takeover offer of $750 million and takes steps to ensure the sale, including introducing a poison pill and filing a law suit against the dissenting workers' union.

US steelmaker Esmark is adopting a multi-pronged strategy to sell itself including a poison pill, a law suit against the dissenting workersÆ union and an endorsement of Indian steel conglomerate EssarÆs improved takeover offer of $750 million.

On June 13, West Virginia-headquartered steel services company Esmark introduced a defence measure commonly known as a poison pill. Esmark now has the right to issue more shares to existing shareholders if a hostile acquirer buys more than 15% of EsmarkÆs outstanding shares...

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