Worthington Steel Launches EUR 11/Share Delisting Offer for Kloeckner
WS sits 25% above its 52-week low of $27.22.
Summary
Worthington Steel has initiated the acceptance period for its public delisting tender offer for Kloeckner & Co SE, offering EUR 11.00 per share in cash. The acceptance period runs from July 15 to August 12, 2026, with no minimum acceptance threshold or closing conditions. This follows the completed acquisition of a majority stake in Kloeckner announced in early June and the $1.4 billion debt financing secured in late May. The delisting is a procedural step to fully integrate the German metals trader, but the fixed cash offer and unconditional terms provide clarity on the exit for remaining minority shareholders. The offer price represents a modest premium to recent trading levels, though the lack of conditions suggests Worthington is confident in completing the squeeze-out. Kloeckner holders can accept the delisting offer by tendering their shares for cash consideration of EUR 11 per share.
At the time of this announcement, WS was trading at $33.94 on NYSE in the Industrial Applications And Services sector, with a market capitalization of approximately $1.7B. The 52-week trading range was $27.22 to $49.17. This news item was assessed with neutral market sentiment and an importance score of 8 out of 10. Source: Reuters.