Mittal Ready To Revise Bid For Arcelor

Law360 (May 9, 2006, 12:00 AM EDT) -- Facing both competition issues raised by the European Commission and hostility from Arcelor SA's board of directors, steel maker Mittal has offered to revise its €19 billion bid for the rival company in order to hasten the takeover.

Earlier this week Mittal sent a letter to Arcelor Chairman Joseph Kinsch promising that a takeover would include significant corporate governance changes, the introduction of one class of shares and other revisions to the bid terms that were not made public.

The current bid terms would give investors...
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