NEW YORK, Dec. 5, 2019 /PRNewswire/ -- WeissLaw LLP is investigating possible breaches of fiduciary duty and other violations of law by the Board of Directors (the "Board") of AK Steel Holding Corporation ("AK Steel" or the "Company") (NYSE:AKS) in connection with the proposed merger of the Company with Cleveland-Cliffs Inc. ("Cleveland-Cliffs") (NYSE:CLF). Under the terms of the merger agreement, AK Steel shareholders will receive a fixed exchange ratio of 0.40 CLF shares for each share of AKS common stock owned, for an implied value of $3.36 per share. CLF shareholders will own 68% of the combined company. The deal is scheduled to close in the first half of 2020.
If you own AKS shares and wish to discuss this investigation or have any questions concerning this notice or your rights or interests, visit our website:
Or please contact: Joshua Rubin, Esq. WeissLaw LLP 1500 Broadway, 16th Floor New York, NY 10036 (212) 682-3025 (888) 593-4771 [email protected]
WeissLaw is investigating whether the Board acted to maximize shareholder value prior to entering into the merger agreement. WeissLaw is concerned whether the proposed merger undervalues the Company with the Board running an unfair process and whether all material information related to the proposed merger is fully and fairly disclosed.
WeissLaw LLP has litigated hundreds of stockholder class and derivative actions for violations of corporate and fiduciary duties. We have recovered over a billion dollars for defrauded clients and obtained important corporate governance relief in many of these cases. If you have information or would like legal advice concerning possible corporate wrongdoing (including insider trading, waste of corporate assets, accounting fraud, or materially misleading information), consumer fraud (including false advertising, defective products, or other deceptive business practices), or anti-trust violations, please email us at [email protected]