Esmark accepts $669M buyout offer from Indian firm

Esmark Inc., which purchased Wheeling-Pittsburgh Corp. last year, said Wednesday it accepted a $669 million buyout offer from Essar Steel Holdings of India.

Esmark (NASDAQ:ESMK) moved to Wheeling, W. Va., last year from outside Chicago when it purchased Wheeling-Pittsburgh. The steelmaking firm said it accepted an all-cash deal that translates to $17 a share for the company's 39.3 million outstanding shares, about 13.5 percent higher than the company's closing price on Tuesday.

In a statement, Esmark CEO James Bouchard said the company had negotiated with several companies.

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Esmark said it planned to enter a "52-day right to bid period" required in the collective bargaining agreement with the United Steelworkers.

In a statement, Essar said, "we look forward to a strong relationship with the United Steelworkers, our employees as well as the local communities."