Ancora Withdraws U.S. Steel Board Nominations Amid National Security Review

Activist investor Ancora has withdrawn its nominations for U.S. Steel's board following a call by President Trump for a review of Nippon Steel's bid. Ancora, with a minor stake, had previously contested the merger but now endorses it, expecting national security concerns to be resolved.

Activist investor Ancora announced on Wednesday its decision to withdraw nominations for the board of U.S. Steel. This move followed President Donald Trump's mandate for a national security review concerning Japan's Nippon Steel bid for the company.

The announcement comes shortly after U.S. Steel indicated Ancora Holdings, which has a minor stake, supports Nippon's bid. Previously, Ancora aimed to derail the merger but now reveals a cash offer plan of $75 per share while officially standing back from the $55 per share Nippon deal.

Ancora's campaign suspension suggests confidence in steps taken by U.S. Steel and Nippon against national concerns. Trump had previously rejected Nippon's purchase attempts to safeguard American supply chains, leading Ancora to challenge U.S. Steel's CEO David Burritt's leadership with board nominations.

(With inputs from agencies.)