Algoma Steel Moves up Shareholder Meeting
05/10/2007 - Algoma Steel has advanced the date of its Annual and Special Meeting of Shareholders to June 11, 2007, based on expectations that preconditions to closing of the Arrangement could be completed by then.
Algoma Steel Inc. has advanced the date of its Annual and Special Meeting of Shareholders to June 11, 2007. This meeting was originally scheduled to take place on June 21, 2007.
At this meeting, shareholders will be asked to approve an arrangement involving the acquisition by a subsidiary of Essar Steel Holdings Limited of all of Algoma's outstanding common shares for an all-cash consideration of $56 per share.
On May 8, the Competition Bureau of Canada issued an Advance Ruling Certificate regarding the Arrangement. Algoma, Essar and their advisors expect that the remaining preconditions to the closing of the Arrangement are likely to be satisfied in early June 2007. Advancing the meeting to June 11th provides the potential (if the Arrangement is approved) for a closing and payment to Algoma shareholders earlier than was previously contemplated.
Depending on the factors involved, closing of the Arrangement could occur as early as June 15, 2007.
Algoma Steel is an integrated steel producer based in Sault Ste. Marie, Ont. Revenues are derived primarily from the manufacture and sale of rolled steel products including hot and cold rolled sheet and plate.