Overview

• Ancora Holdings, once a staunch opponent of the U.S. Steel and Nippon Steel merger, has now declared its support for the transaction.
• The reversal follows President Trump's directive to the Committee on Foreign Investment in the United States (CFIUS) to review the deal for national security risks.
• Ancora has withdrawn its nine director nominations and ended its campaign to oust U.S. Steel CEO David Burritt.
• The investor had previously proposed a separate $75 per share cash offer but stated it will not oppose the existing $55 per share deal.
• U.S. Steel shareholders are preparing for upcoming meetings, with the company's annual stockholders meeting still scheduled for May 6 despite Ancora's request for a delay.