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Novamerican Steel Shareholders Okay Acquisition by Symmetry Holdings
Nov. 2, 2007 Novamerican Steel Shareholders Okay Acquisition by Symmetry Holdings
Novamerican Steel shareholders approved the plan of arrangement for the company’s acquisition by a wholly-owned indirect subsidiary of Symmetry Holdings Inc.
The plan of arrangement, previously announced on June 21, 2007, provided for the acquisition of all outstanding common shares of Novamerican at $56.00 per share. The plan was approved by 99.98% of the votes cast by holders of common shares, however, it now remains subject to the sanction of the Superior Court of Quebec.
Novamerican expects that the application for sanction will be heard by the Superior Court on November 7, 2007. Pursuant to the terms of the arrangement agreement dated June 21, 2007, closing of the arrangement will occur within five business days following receipt of such sanction by the Superior Court of Quebec.
Upon the plan of arrangement becoming effective, 632422 N.B. Ltd.—the Symmetry Holdings subsidiary—will deposit sufficient funds to enable the depositary to make the payments described in the plan.
Based in Montreal, Canada, Novamerican Steel operates eleven facilities in Canada and eleven facilities in the U.S., processes and distributes carbon steel, stainless steel and aluminum products, including carbon steel tubing for structural and automotive markets.