M&A - Ancora Alternatives LLC

Form Type: DFAN14A

Filing Date: 2025-04-09

Corporate Action: Acquisition

Type: Update

Accession Number: 000092189525001032

Filing Summary: Ancora Alternatives LLC, through its parent company Ancora Holdings Group, LLC, filed a definitive proxy statement to solicit votes for the election of its nominees at the United States Steel Corporation's 2025 Annual Meeting of Stockholders. However, on April 9, 2025, Ancora announced the withdrawal of its nomination of director candidates due to new developments concerning the $55 per share acquisition offer from Nippon Steel Corporation. This decision comes amid ongoing discussions between U.S. Steel and Nippon with the federal government regarding the acquisition, which Ancora believes has momentum after productive dialogues were established to address potential national security concerns. Ancora criticized U.S. Steel for not postponing the Annual Meeting, arguing that it would allow stockholders to make informed decisions and indicating skepticism regarding the company's governance practices. The firm expressed hope for the acquisition's approval and recognized the need for strong leadership to enhance the company's future.

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Form Type: DFAN14A

Filing Date: 2025-04-08

Corporate Action: Acquisition

Type: Update

Accession Number: 000092189525001023

Filing Summary: Ancora Catalyst Institutional, LP, along with various affiliates, has filed a definitive proxy statement with the SEC to solicit votes for its director nominees at the 2025 Annual Meeting of United States Steel Corporation (U.S. Steel). Ancora urges U.S. Steel's board to delay the meeting until after a new review of its proposed acquisition by Nippon Steel Corporation by the Committee on Foreign Investment in the U.S. (CFIUS). Ancora asserts that the outcome of this review is crucial for stockholders to make informed voting decisions regarding the future leadership of U.S. Steel, particularly in light of a prior acquisition proposal valued at $55 per share. The proxy materials include details on Ancora's strategic plans for U.S. Steel and highlight its nominated candidates for the board. Additionally, the document discusses support for the acquisition of U.S. Steel and calls for clarity about the ongoing review process by CFIUS, which is mandated by President Trump. Overall, Ancora aims to ensure that stockholders have all necessary information regarding the acquisition and board elections before casting their votes.

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