X - U.S. Steel Shareholders Clear Transaction with Nippon Steel | Benzinga
United States Steel Corporation (NYSE: X) said that its shareholders have approved its proposed merger with Nippon Steel Corporation ("NSC"), marking a key milestone toward the completion of the transaction.
More than 98% of the shares voted at the special meeting of stockholders held on Apr 12, 2024 were voted in favor of the proposal to adopt the merger agreement, based on the preliminary vote count.
U.S. Steel stated that the overwhelming support from its shareholders is a clear recognition of the compelling rationale for the deal. The transaction will strengthen U.S. Steel and the domestic steel industry and enhance the legacy of steel that is made in America in the wake of unfair competition from China, X noted.
U.S. Steel and NSC officially entered into a definitive agreement in December 2023, under which, NSC agreed to acquire U.S. Steel in an all-cash deal at $55 per share. The transaction is valued at roughly $14.1 billion-plus assumed debt, equating to a total enterprise value of $14.9 billion. The purchase price of $55 per share represents a substantial 40% premium over ...