United States Steel Corporation
Company Name | United States Steel Corporation |
Stock Symbol | "X" |
On December 18, 2023, US Steel disclosed that it had entered into an agreement to be acquired by Nippon Steel Corporation (“Nippon”) in an all-cash transaction at $55.00 per share, subject to “customary” approvals and conditions. That same day, US Steel’s CEO sold $12 million worth of the Company’s stock at $49.87 to $50.17 per share, at the high, but $5.00 below the deal price of $55.00 per share.
Then, on March 13, 2024, reports emerged that the deal between US Steel and Nippon was subject to more than “customary” conditions, including National Security conditions.
On this news, US Steel’s stock price fell $5.98, or 12.8%, to close at $40.86 per share on March 13, 2024, thereby injuring investors.
Then, on May 21, 2024, US Steel disclosed that the deal with Nippon is, indeed, subject to National Security conditions and not merely “customary conditions.”
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