Worthington Steel(US:WS) Businesswire·2026-03-10 11:43Core Viewpoint - Worthington Steel has lowered the minimum acceptance threshold for its voluntary takeover offer for Kloeckner & Co SE to 57.5% and will not change the offer price or terms [1][3]. Group 1: Offer Details - The acceptance period for the takeover offer has been extended from March 12, 2026, to March 26, 2026, following the reduction of the minimum acceptance threshold [1]. - As of March 9, 2026, Worthington Steel has secured approximately 56.9% of Kloeckner's issued share capital [1]. - Worthington Steel's all-cash offer is set at €11.00 per share, representing a 98% premium over Kloeckner's three-month volume-weighted average share price as of December 5, 2025 [1]. Group 2: Company Background - Worthington Steel is a metals processor with expertise in carbon flat-roll steel processing and operates 37 facilities across seven states and ten countries [1]. - Kloeckner is one of the largest independent steel and metal processors, with sales of approximately €6.6 billion in fiscal year 2024 and a distribution network of around 110 locations [1][3]. - Both companies emphasize sustainability and innovation in their operations, with Worthington Steel focusing on value-added processing capabilities [1].