InsideArbitrage Event Driven Monitor – January 6, 2025

Merger Arbitrage

1. X: President Joe Biden said he is “taking action to block” the acquisition of U.S. Steel (X) by Japan’s Nippon Steel. “U.S. Steel will remain a proud American company – one that’s American-owned, American-operated, by American union steelworkers.” In response to this, Nippon Steel and United States Steel condemned President Biden’s decision to block their proposed transaction.
2. DM: Desktop Metal (DM) announced that at a hearing held in the Delaware Court of Chancery on December 30, 2024, the Court granted Desktop Metal’s motion for an expedited trial in the lawsuit Desktop Metal filed against Nano Dimension (NNDM). The trial is expected to be scheduled for the week of February 24, 2025. Additionally, on December 31, 2024, Desktop Metal filed another lawsuit against Nano Dimension and Markforged Holding (MKFG), claiming that Nano Dimension’s plan to acquire Markforged violated Desktop’s Merger Agreement.
3. AE: Tres Energy told Adams (AE) that on December 23, 2024, it had assigned all its rights and obligations under the Merger Agreement to its affiliate ARE Equity Corporation. After closing the deal, Adams will be a wholly owned subsidiary of ARE Equity Corporation.

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