Worthington Steel upbeat on Kloeckner deal but has other options: report

“But that doesn’t mean that options two, three, four, and five aren’t good options. So we would have good alternatives to pursue in a situation where this does not come to reality,” he added.

A spokesperson for Worthington Steel stressed to SMU on Monday that the Columbus, Ohio-based service center group remains bullish on the deal’s prospects.

“We remain confident that we will be successful in our voluntary takeover bid for Kloeckner & Co.,” the spokesperson told SMU. “Our offer is very attractive, represents a significant premium, and is backed by Kloeckner’s management and supervisory boards.”

The offer expires on March 12, Reuters reported. And it requires Worthington Steel to to secure at least 65% of Kloeckner’s shares to proceed.

“Currently, there are approximately 53% of Kloeckner shares counting toward the acceptance threshold, and we are making every effort to ensure investors take action before the end of the initial acceptance period,” the spokesperson said.

Worthington first discussed the possibility of the deal, valued at $2.4 billion, in December. The company formally announced it in January.