A group led by Minneapolis investor Irwin...

A group led by Minneapolis investor Irwin A. Jacobs has offered to buy Acme Steel Co. for $23.50 a share cash, but the company’s board rejected the offer as inadequate. The offer values the Riverdale, Ill.-based firm at $136.3 million based on 5.8 million shares outstanding. Jacobs’ group, J. C. Partners, said in an SEC filing that it made the offer in a July 13 letter to the company. Acme stock, traded over the counter, rose $2 to $24. J. C. Partners owns 9.8% of Acme stock.