Chaparral Stockholders Approve Merger with Gerdau Ameristeel
09/13/2007 - In a special meeting held Wednesday, Chaparral Steel stockholders adopt the merger agreement for the company’s acquisition by Gerdau Ameristeel.
Chaparral Steel Co.’s stockholders adopted the merger agreement for its acquisition by Gerdau Ameristeel. The vote was taken during a special meeting held in Dallas on Wednesday.
Approximately 99.7% of the shares voted were cast in favor of the merger. The number of shares voted in favor of the merger represented approximately 75% of the total shares outstanding and entitled to vote at the meeting.
"We are pleased to announce that our stockholders have approved the proposed merger with Gerdau Ameristeel,” said Tommy Valenta, President and CEO of Chaparral Steel. “I am excited because this was a decision made by our stockholders and they voted overwhelmingly in favor of the transaction. Our stockholders clearly share our belief that the merger creates significant value and a bright future for the company and for the exceptional people who have participated in our success."
Chaparral also announced that it expects the merger will be consummated on Friday, September 14, 2007.
Headquartered in Midlothian, Texas, Chaparral Steel Co. is the second-largest producer of structural steel beams in North America. Chaparral also supplies steel bar products, and is a leading North American recycling company.
