Cleveland-Cliffs (NYSE:CLF) stock is worth checking on today after the company’s takeover bill for United States Steel (NYSE:X) was rejected.
The big news here is Cleveland-Cliffs offering a $7.3 billion mix of cash and stock to buy out United States Steel. However, that offer was rejected as the company took issue with allegedly CLF not allowing it to examine the final details of the offer before agreeing to it.
That put a spotlight on CLF stock today as the decision from United States Steel caused both companies’ shares to trend. In the case of CLF stock, more than 15 million shares have changed hands as of this writing. That’s already well above its daily average trading volume of about 8.5 million shares.
X stock is also seeing heavy trading on Monday, with more than 33 million shares traded as of this writing. For comparison, the company’s daily average trading volume is about 6.8 million shares.
What’s Next for CLF and X Stock
While the offer from Cleveland-Cliffs has been rejected, that doesn’t mean United States Steel has given up on a sale of the company. It noted that it received several unsolicited offers and intends to further evaluate them now that it has responded to the Cleveland-Cliffs bid.
CLF stock is up 6.5%, and X stock is up 29% as of Monday morning.
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On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.
