June 12, 2006
Arcelor Board of Directors met June 11 and unanimously decided to reject Mittal Steel's current revised offer. The board also recommended that shareholders support the proposed merger with Severstal at the general meeting scheduled for June 30.
The board concluded that Mittal Steel's current offer is inadequate as it continues to undervalue Arcelor and that the Severstal transaction is a more attractive alternative from a strategic, financial, and social point of view.
More information can be found here.