Worthington Steel, Inc. (NYSE: WS) has opened the acceptance period for its public delisting tender offer for the remaining outstanding shares of Kloeckner & Co SE, following approval of the offer document by Germany's Federal Financial Supervisory Authority (BaFin).

Kloeckner shareholders may tender their shares for €11.00 per share in cash. The acceptance period runs from July 15, 2026 through August 12, 2026.

Worthington Steel currently holds approximately 62% of Kloeckner's outstanding shares, following the completion of a voluntary public takeover offer on June 3, 2026. The delisting offer targets the remaining shares not already held by Worthington Steel.

The offer carries no closing conditions and includes no minimum acceptance threshold. Once the delisting takes effect, Kloeckner shares will no longer be admitted to trading on any regulated market in Germany or on a comparable market abroad, which the company noted may result in significantly reduced liquidity and limited price discovery for remaining shareholders.

The offer is governed primarily by German law, specifically the German Securities Acquisition and Takeover Act, and is also subject to certain U.S. securities law provisions as a Tier II tender offer under Regulation 14E of the U.S. Securities Exchange Act.