Court Approves Novamerican Steel Plan of Arrangement
11/09/2007 - The Superior Court of Quebec issues the final order approving the plan of arrangement for Novamerican Steel’s acquisition by a subsidiary of Symmetry Holdings Inc.
The Superior Court of Quebec issued a final order approving the plan of arrangement for Novamerican Steel’s acquisition by Symmetry Holdings Inc.
In the plan of arrangement, which was previously announced on June 21, 2007, the acquisition of all outstanding Novamerican Steel common shares was to be carried out by 632422 N.B. Ltd., a wholly-owned indirect subsidiary of Symmetry Holdings Inc., at $56.00 per share.
Pursuant to the terms of that arrangement agreement, closing of the arrangement will occur on or before the fifth business day following receipt of the final order by the Superior Court of Quebec. Once the plan of arrangement becomes effective, 632422 N.B. Ltd. will deposit sufficient funds with the depositary to enable the depositary to make the payments described in the plan.
Pursuant to the terms of that arrangement agreement, closing of the arrangement will occur on or before the fifth business day following receipt of the final order by the Superior Court of Quebec. Once the plan of arrangement becomes effective, 632422 N.B. Ltd. will deposit sufficient funds with the depositary to enable the depositary to make the payments described in the plan.
Based in Montreal, Canada, Novamerican Steel Inc. operates eleven facilities in Canada and eleven facilities in the United States, processes and distributes carbon steel, stainless steel and aluminum products, including carbon steel tubing for structural and automotive markets.
