Dofasco: Rolled up

It has been a good weekend for Dofasco shareholders. The Canadian steelmaker was trading at C$66 per share on Friday, 5% above the equal all-cash offers from the Luxembourg-listed Arcelor and the German ThyssenKrupp. That premium could have been risky, if ThyssenKrupp had considered Arcelor’s suggestion of sharing the prey. But instead, the German company upped its bid to C$68 on Saturday, only to be leapfrogged by Arcelor’s C$71 bid on Monday morning. That was high enough to gain the tentative ...