Will Esmark go to Essar?

Esmark has rejected Severstal's offer at $1.1 bn, calling it 'inadequate'. The Russian steel maker's offer of $80 million is lower than Essar's sweetened bid. In the last few days, this is the second blow to Severstal, as Esmark has even filed a case against the steel workers' union which was backing Severstal. But for Essar, it's still not a time to rejoice, as Severstal may counter bid and make an offer superior to Essar's bid.