The company has now opened an additional acceptance period, which will commence on April 1, 2026, and expire on April 14, 2026, at 24:00 hours local time in Frankfurt am Main. Worthington Steel's President and CEO, Geoff Gilmore, expressed satisfaction with the strong support from shareholders during the initial acceptance period, stating that it brings the company closer to completing the transaction.
Completion of the offer remains subject to certain regulatory approvals and is expected to occur in the second half of 2026. Worthington Steel has also informed Kloeckner of its firm intention to enter into a domination and profit and loss transfer agreement (DPLTA) immediately after the completion of the offer. The management boards of both companies have assessed the offer as attractive, fair, and appropriate, recommending that Kloeckner shareholders accept it.
Worthington Steel's offer, launched on January 15, 2026, includes an all-cash offer of €11.00 per share for all outstanding shares of Kloeckner, representing a significant premium of 98% over the undisturbed three-month volume-weighted average share price of Kloeckner as of December 5, 2025. The company intends to evaluate potential structural measures following the completion of the transaction, including a possible delisting of Kloeckner or a squeeze-out of minority shareholders, subject to market conditions and acceptance levels.
