InsideArbitrage Event Driven Monitor – January 2, 2025

Merger Arbitrage

1. X: The Washington Post reported that Nippon Steel proposed giving the U.S. government a veto over any reduction in U.S. Steel’s (X) “production capacity” in a last-ditch bid for President Joe Biden’s approval to acquire the American steelmaker. The proposal is aimed at appeasing the Committee on Foreign Investment in the United States (CFIUS), which warned last week that Nippon Steel’s takeover of U.S. Steel could lead to a decline in domestic steel output that would pose “risks to the national security of the United States.”
2. ZUO: Zuora (ZUO) filed a definitive proxy statement. The special meeting of shareholders will be held on February 13, 2025.
3. ICCH: ICC Holdings (ICCH) extended the Outside Date for the merger with Mutual Capital Group from December 31, 2024, to January 31, 2025.

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