InsideArbitrage Event Driven Monitor – April 23, 2025

Merger Arbitrage

1. X: Reuters reported that the United Steelworkers union told Treasury Secretary Scott Bessent it remains “unalterably” opposed to a $15 billion bid by Japan’s Nippon Steel to buy U.S. Steel (X), or any deal that would give Nippon influence over the company. USW President David McCall told Bessent in a letter that the union did not believe any mitigations offered during an initial Committee on Foreign Investment in the United States (CFIUS) review of the deal answered its deep national security and economic concerns.

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