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InsideArbitrage
Activist Ancora Pushes U.S. Steel $X to Terminate Merger Agreement with Nippon Steel -
Ancora said that President Trump’s latest remarks confirm that the sale of U.S. Steel to Nippon Steel has no chance of being resurrected.
The activist asked U.S. Steel to take the following steps to increase value for shareholders:
✴️Immediately terminate the merger agreement and collect the $565 million breakup fee from Nippon;
✴️Immediately end the deal-related advocacy and withdraw from the litigation filed with Nippon, and;
✴️Engage with Ancora, which has offered the Board a viable catalyst for a turnaround in Alan Kestenbaum, who oversaw the turnaround at Stelco after U.S. Steel bankrupted the business.
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Activist Ancora Pushes U.S. Steel $X to Terminate Merger Agreement with Nippon Steel -
Ancora said that President Trump’s latest remarks confirm that the sale of U.S. Steel to Nippon Steel has no chance of being resurrected.
The activist asked U.S. Steel to take the following steps to increase value for shareholders:
✴️Immediately terminate the merger agreement and collect the $565 million breakup fee from Nippon;
✴️Immediately end the deal-related advocacy and withdraw from the litigation filed with Nippon, and;
✴️Engage with Ancora, which has offered the Board a viable catalyst for a turnaround in Alan Kestenbaum, who oversaw the turnaround at Stelco after U.S. Steel bankrupted the business.
Activist Ancora to Push U.S. Steel $X to Drop Merger With Nippon Steel, Oust CEO - WSJ
✴️Ancora Holdings is preparing to wage a proxy battle at U.S. Steel and wants the company to turn the page from its failed marriage with Nippon Steel.
✴️Ancora intends to rally shareholders around a plan to oust U.S. Steel’s chief executive and drop litigation to salvage a merger with the Japanese steelmaker.
✴️The firm isn’t interested in pursuing a sale of U.S. Steel to another party.
✴️Ancora has nominated nine director candidates to U.S. Steel’s 12-person board, including former Stelco CEO Alan Kestenbaum. Stelco was acquired by Cleveland-Cliffs $CLF last year.
✴️Ancora believes U.S. Steel let shareholders down by selling to a foreign buyer rather than a domestic suitor and pursuing litigation rather than prioritizing financial and operational fixes. tweet
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InsideArbitrage
Emersub CXV, Inc., a wholly owned subsidiary of Emerson Electric $EMR, commenced the tender offer to acquire Aspen Technology $AZPN, for $265 per share.
The offer will expire on March 10, 2025.
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Emersub CXV, Inc., a wholly owned subsidiary of Emerson Electric $EMR, commenced the tender offer to acquire Aspen Technology $AZPN, for $265 per share.
The offer will expire on March 10, 2025.
Emerson Electric $EMR Acquires Aspen Technology $AZPN in a $16.8 Billion Cash Deal -
✴️Emerson plans to buy all AspenTech shares it doesn’t already own by offering $265.00 per share in cash through a tender offer, representing a premium of 3.86% from the stock’s last close.
✴️Once the transaction is complete, which is expected in H1 2025, AspenTech will become a wholly owned subsidiary of Emerson. tweet
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Startup Archive
Max Levchin explains why B-players hire C-players
The co-founder of PayPal and Affirm reflects on the famous Steve Jobs insight that A-players hire A-players, and B-players hire C-players:
“It’s profoundly true. But there should be an asterisk explaining why this is true. And the reason for this is fear.”
A-players love working with other A-players because they know it will make them better. They want other A-players who challenge them and will tell them when their work isn’t good.
Most B-players are net positive too, but as Max argues, some are fearful and will say:
“If I have too many B-players or A-players around, I will look terrible and it’ll be very obvious that I’m just not that good. So the way to fix this is for me to become a manager and hire a bunch of people who aren’t very good at all so that I’ll look like the tallest mushroom.”
Max continues:
“That is the real danger of B-players. Having people who are perfectly willing to do good work day-in and day-out is not the worst thing in the world. There’s plenty of things that A-players will turn their nose from because it’s just not that challenging. B-players are very good for that [type of work]. And a lot of B-players will over time grind their way to being A-players, so you’re investing in their future and they know it, and that’s also positive. But B-players who have fear of being found out are the ones you have to watch out for.”
Video source: @twentyminutevc @HarryStebbings (2025)
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Max Levchin explains why B-players hire C-players
The co-founder of PayPal and Affirm reflects on the famous Steve Jobs insight that A-players hire A-players, and B-players hire C-players:
“It’s profoundly true. But there should be an asterisk explaining why this is true. And the reason for this is fear.”
A-players love working with other A-players because they know it will make them better. They want other A-players who challenge them and will tell them when their work isn’t good.
Most B-players are net positive too, but as Max argues, some are fearful and will say:
“If I have too many B-players or A-players around, I will look terrible and it’ll be very obvious that I’m just not that good. So the way to fix this is for me to become a manager and hire a bunch of people who aren’t very good at all so that I’ll look like the tallest mushroom.”
Max continues:
“That is the real danger of B-players. Having people who are perfectly willing to do good work day-in and day-out is not the worst thing in the world. There’s plenty of things that A-players will turn their nose from because it’s just not that challenging. B-players are very good for that [type of work]. And a lot of B-players will over time grind their way to being A-players, so you’re investing in their future and they know it, and that’s also positive. But B-players who have fear of being found out are the ones you have to watch out for.”
Video source: @twentyminutevc @HarryStebbings (2025)
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Dimitry Nakhla | Babylon Capital®
6 Quality Stocks ROIC >20% Annually Last 5 Years | <$50b10% From Highs 💵
🏦 Fair Isaac $FICO
•LTM ROIC: 58%
•Market Cap: $45B
•% Down: -22%
🏢 NVR Inc $NVR
•LTM ROIC: 41%
•Market Cap: $27B
•% Down: -24%
🚿 A O Smith $AOS
•LTM ROIC: 34%
•Market Cap: $9B
•% Down: -30%
🐕 IDEXX Labs $IDXX
•LTM ROIC: 46%
•Market Cap: $38B
•% Down: -34%
📊 Manhattan Associates $MANH
•LTM ROIC: 74%
•Market Cap: $12B
•% Down: -35%
🏊🏼♂️ Pool Corp $POOL
•LTM ROIC: 23%
•Market Cap: $13B
•% Down: -43%
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6 Quality Stocks ROIC >20% Annually Last 5 Years | <$50b10% From Highs 💵
🏦 Fair Isaac $FICO
•LTM ROIC: 58%
•Market Cap: $45B
•% Down: -22%
🏢 NVR Inc $NVR
•LTM ROIC: 41%
•Market Cap: $27B
•% Down: -24%
🚿 A O Smith $AOS
•LTM ROIC: 34%
•Market Cap: $9B
•% Down: -30%
🐕 IDEXX Labs $IDXX
•LTM ROIC: 46%
•Market Cap: $38B
•% Down: -34%
📊 Manhattan Associates $MANH
•LTM ROIC: 74%
•Market Cap: $12B
•% Down: -35%
🏊🏼♂️ Pool Corp $POOL
•LTM ROIC: 23%
•Market Cap: $13B
•% Down: -43%
tweet
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Startup Archive
RT @ArthurMacwaters: A key character trait to hire for is obsession. Obsessed people don’t play politics / manage appearances nearly as much
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RT @ArthurMacwaters: A key character trait to hire for is obsession. Obsessed people don’t play politics / manage appearances nearly as much
Max Levchin explains why B-players hire C-players
The co-founder of PayPal and Affirm reflects on the famous Steve Jobs insight that A-players hire A-players, and B-players hire C-players:
“It’s profoundly true. But there should be an asterisk explaining why this is true. And the reason for this is fear.”
A-players love working with other A-players because they know it will make them better. They want other A-players who challenge them and will tell them when their work isn’t good.
Most B-players are net positive too, but as Max argues, some are fearful and will say:
“If I have too many B-players or A-players around, I will look terrible and it’ll be very obvious that I’m just not that good. So the way to fix this is for me to become a manager and hire a bunch of people who aren’t very good at all so that I’ll look like the tallest mushroom.”
Max continues:
“That is the real danger of B-players. Having people who are perfectly willing to do good work day-in and day-out is not the worst thing in the world. There’s plenty of things that A-players will turn their nose from because it’s just not that challenging. B-players are very good for that [type of work]. And a lot of B-players will over time grind their way to being A-players, so you’re investing in their future and they know it, and that’s also positive. But B-players who have fear of being found out are the ones you have to watch out for.”
Video source: @twentyminutevc @HarryStebbings (2025) tweet
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InsideArbitrage
Hyatt $H to Acquire Playa Hotels $PLYA for $2.6 Billion -
🏖️Hyatt will acquire all outstanding shares of Playa for $13.50 per share, representing a premium of 4.33% from the stock’s last close.
🏖️Hyatt, which currently owns 9.4% of Playa, expects to close the merger later this year.
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Hyatt $H to Acquire Playa Hotels $PLYA for $2.6 Billion -
🏖️Hyatt will acquire all outstanding shares of Playa for $13.50 per share, representing a premium of 4.33% from the stock’s last close.
🏖️Hyatt, which currently owns 9.4% of Playa, expects to close the merger later this year.
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Stock Analysis Compilation
Protean Funds on Essity $ESSITY SS
Thesis: Essity is a stronger company than the market recognizes, strategically exiting volatile sectors and focusing on high-margin products, with limited downside potential and an upcoming change in leadership.
(Extract from their Q4 letter) https://t.co/YG9NYLFqBZ
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Protean Funds on Essity $ESSITY SS
Thesis: Essity is a stronger company than the market recognizes, strategically exiting volatile sectors and focusing on high-margin products, with limited downside potential and an upcoming change in leadership.
(Extract from their Q4 letter) https://t.co/YG9NYLFqBZ
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Quiver Quantitative
BREAKING: Senator Dave McCormick just disclosed a sale of his whole ~$5M position in Rumble stock, $RUM. https://t.co/RP3xXsGbsy
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BREAKING: Senator Dave McCormick just disclosed a sale of his whole ~$5M position in Rumble stock, $RUM. https://t.co/RP3xXsGbsy
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Quiver Quantitative
RT @QuiverCongress: Representative Josh Gottheimer has proposed legislation to ban the use of DeepSeek by executive agencies.
Do you support this?
Poll below. https://t.co/LPrwISYmHJ
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RT @QuiverCongress: Representative Josh Gottheimer has proposed legislation to ban the use of DeepSeek by executive agencies.
Do you support this?
Poll below. https://t.co/LPrwISYmHJ
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