SEC settles with Esmark Inc. and chairman James Bouchard over false tender offer for U.S. Steel Corp., agreeing to pay penalties and cease violations.

The SEC has settled with Esmark Inc. and its chairman, James Bouchard, over a false tender offer to acquire U.S. Steel Corp. for $35 per share in August 2023. Esmark claimed to have $10 billion for the deal but lacked the necessary $7.8 billion. They agreed to pay civil penalties of $500,000 and $100,000, respectively, and to cease future violations. Meanwhile, U.S. Steel is set to be acquired by Japan's Nippon Steel for about $14 billion, facing opposition from unions and the White House.

September 06, 2024
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