Reported 1 day ago
An asset manager, Ancora, is attempting to block Nippon Steel's $15 billion takeover of U.S. Steel after acquiring a stake in the company. Ancora criticizes the current leadership for prioritizing the deal, which could net them over $100 million, and is pushing for a new board and CEO committed to abandoning the acquisition. In a recent letter, Ancora announced its nomination of nine independent directors for U.S. Steel's upcoming shareholders meeting, aiming for a complete overhaul of the company's leadership to focus on improving its financial health instead of pursuing the Nippon deal.
Source: YAHOO