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Is AKS for Sale?

Printed From: MiddletownUSA.com
Category: Middletown Area Business
Forum Name: AK Steel in Middletown, Ohio
Forum Description: AK Steel in Middletown Discussion
URL: http://www.middletownusa.com/forum/forum_posts.asp?TID=2763
Printed Date: Oct 23 2021 at 2:21am


Topic: Is AKS for Sale?
Posted By: John Beagle
Subject: Is AKS for Sale?
Date Posted: Mar 05 2010 at 9:31am
"“There’s renewed takeover speculation, which pops up in this sector every once in a while,” said Frederic Ruffy, senior options strategist at WhatsTrading.com, a New York-based provider of options-market analysis. “These are short-term bets by investors hoping there may be an announcement imminent because the March options expire in two weeks and that’s where the activity is.”
 - source Business Week
 
US Steel (X) to buy AK Steel (AKS)? Maybe, maybe not. But there was a good amount of speculation surrounding the spike in shares and general activity Thursday. - source: The Street.

Either someone is blowing smoke or something is in the works.-Source: Me
 
http://www.mainstreetmonroe.com/Voice/topic.asp?TOPIC_ID=18384 - AK Steel Discussion on The Voice


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http://www.johnbeagle.com/ - John Beagle
Middletown USA
News of, for and by the people of Middletown, Ohio.



Replies:
Posted By: Hermes
Date Posted: Mar 05 2010 at 11:48am
U.S. Steel ? The media said this morning it was a company from Brazil that was looking to buy.
 
Is this Brazilian company the same as U.S. Steel ?


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Posted By: Mike_Presta
Date Posted: Mar 05 2010 at 5:32pm
I have no idea whether a deal for AKS is in the works or not, but consider this:
 
About three weeks ago, Jim Wainscott (AKS's CEO) sold 98,000 shares at less that $22/share, for a total of over $2 million dollars.  CEOs seldom do this when a sale is in the works as the stock would be expected to RISE!!
 
(AKS closed today at over $24)


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Posted By: acclaro
Date Posted: Mar 05 2010 at 7:38pm
Mike beat me to the punch, I was going to post the same staement earlier but was tied up. That doesn't mean there is interest, but unlikely for the reasons Mike stated. They'd rather be the buyer as well, not bought. 


Posted By: Hermes
Date Posted: Mar 06 2010 at 11:00am
Originally posted by Mike_Presta Mike_Presta wrote:

I have no idea whether a deal for AKS is in the works or not, but consider this:
 
About three weeks ago, Jim Wainscott (AKS's CEO) sold 98,000 shares at less that $22/share, for a total of over $2 million dollars.  CEOs seldom do this when a sale is in the works as the stock would be expected to RISE!!
 
(AKS closed today at over $24)
 
You also know that when a CEO starts dumping stock that is never a good sign ! Usually when a CEO dumps stock that means something is wrong. And speculation of a sale doesn't necessarily mean that stock price will rise because there are several variables to consider.
 
As of March 4th AK stock was up 4.2% on speculation of  a sale which doesn't make sense for Wainscott to have sold 98,000 shares when he did. So either Wainscott is in trouble and needed the cash or he knows something no one else does.
 
Companhia Siderurgica Nacional is the rumored Brazilian company looking to buy.


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No more democrats no more republicans,vote Constitution Party !!


Posted By: Leraroachs
Date Posted: Jul 13 2012 at 3:31am
it was a company from Brazil that was looking to buy.

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