Monday, April 4, 2011

AK Steel Rallies On Renewed Takeover Chatter

Shares of AK Steel Holding Corporation (NYSE: AKS) rallied more than 2% on Monday on renewed speculation that the company could be a takeover target. Late in March, hedge fund titan Steven A. Cohen disclosed a 4.8-percent stake in the steel producer.  Cohen's SAC Capital Advisors fund bought 2.3 million shares of AK Steel, and CR Intrinsic Investors funds another 3 million shares. The deals made Cohen one of the largest shareholders in the West Chester, Ohio company. Stay tuned for more.

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