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Cornerstone Blog Canadian company Algoma Steel to go public again in takeover worth more than $1B US

Canadian company Algoma Steel to go public again in takeover worth more than $1B US

May 31, 2021 by Cornerstone International Group

Algoma Steel is to become a public company again as the century-old

Canadian steelmaker to be taken over by New York-based acquisition firm Legato Merger Corp.

Officials from both companies will have more information about the proposed deal at a news conference on Tuesday morning,

but the deal will give Algoma’s current owners just over $1.1 billion US worth of new shares in the combined company.

That breaks down as $750 million worth of shares in the new company upfront,

Legato itself only went public in an initial public offering earlier this year,

raising $236 million to fund acquisitions.

The company is a special purpose acquisition company, or SPAC,

publicly traded pools of money solely to purchase other companies.

Read the full article here…

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