Why U.S. Steel Stock Soared This Week
United States Steel (NYSE: X) announced an agreement to be acquired late last year. But the stock performance this year doesn't look like what one normally would expect from a buyout candidate with a hefty premium.
Nippon Steel's $14.9 billion offer represented a nearly 40% premium to U.S. Steel's share price at the time. But the $55-per-share offer faced opposition from several parties, and U.S. Steel shares have been about flat since the Japanese steelmaker's offer last December.
But shares spiked this week as support for the deal grew. U.S. Steel stock has jumped about 12% as of early Friday morning, according to data provided by S&P Global Market Intelligence.
Source Fool.com
