US Steel (X) investor Ancora Holdings urged US Steel Monday to end its merger agreement with Nippon Steel and take the $565 million breakup fee.
The asset manager also urged US Steel to "finally engage with Ancora," saying its director nominees and chief executive candidate Alan Kestenbaum are ready to execute a turnaround plan, which includes reinvesting in US Steel's legacy blast furnaces and using the breakup fee to offset capital costs.
Ancora said the proposed merger with Nippon "has no chance of being resurrected" after President Donald Trump's recent comments opposing the sale.
US Steel did not immediately respond to MT Newswires' request for comment.
Shares of US Steel were up about 5% in recent Monday premarket activity.
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