Asset manager Ancora just bought a stake in U.S. Steel—and it wants to oust the company’s leadership and kill Nippon’s $15 billion takeover

An asset manager is seeking to quash Nippon Steel’s takeover of U.S. Steel and oust the leadership of the U.S. steelmaker after taking a stake in the company.

Ancora Holdings Group, with $10 billion in assets, reported acquiring a 0.18% stake in the Pittsburgh company. It said Monday that U.S. Steel CEO David Burritt and the company’s board have prioritized a sale to Nippon because they stand to receive more than $100 million if it goes forward.

President Joe Biden blocked the nearly $15 billion acquisition last month — affirming his earlier vow on the presidential campaign trail to prevent the acquisition of Steeltown USA’s most storied steel company. But the deal is not dead yet.

The deadline to unwind the proposed takeover was extended by the Biden administration and this month U.S. Steel and Nippon challenged the Biden decision in a federal lawsuit.

Source: FORTUNE