(Reuters) – Activist investor Ancora Holdings is getting ready to wage a proxy battle at U.S. Metal and desires the corporate to drop its merger settlement with Japan’s Nippon Metal, the Wall Avenue Journal reported on Sunday, citing sources.
Ancora additionally intends to rally shareholders round a plan to oust U.S. Metal’s high boss David Burritt, the report stated.
The activist investor will not be desirous about pursuing a sale of the American steelmaker to a different get together, the WSJ reported, including that Ancora has nominated 9 director candidates to the corporate’s 12-person board, together with Stelco (TSX:)’s former chief Alan Kestenbaum.
Ancora, U.S. Metal and Nippon Metal didn’t instantly reply to Reuters’ request for a remark exterior common enterprise hours.
Earlier this month, former U.S. President Joe Biden blocked Nippon Metal’s $14.9 billion deal for U.S Metal, and delayed an order till June for Nippon to desert the bid.
The businesses have sued the Biden administration for blocking the acquisition of U.S. Metal by the Japanese firm.
