Metals USA Announces Stockholder Approval of Merger Agreement with Reliance Steel
04/11/2013 - Metals USA Holdings Corp. announced that its stockholders approved the adoption of the merger agreement, entered into on 6 February 2013, among Metals USA Holdings Corp., Reliance Steel & Aluminum Co. and RSAC Acquisition Corp.
Metals USA Holdings Corp. announced that, at a special meeting of stockholders held on 10 April 2013, its stockholders approved the adoption of the merger agreement, entered into on 6 February 2013, among Metals USA Holdings Corp., Reliance Steel & Aluminum Co. and RSAC Acquisition Corp., a wholly-owned subsidiary of Reliance, pursuant to which RSAC will merge with and into Metals USA, with Metals USA surviving the merger as a wholly-owned subsidiary of Reliance.
At the special meeting of stockholders, 99.9% of the votes cast, representing 87.3% of Metals USA's total outstanding shares of common stock as of the 4 March 2013 record date, were voted in favor of the adoption of the merger agreement. Metals USA's stockholders also approved, on an advisory, non-binding basis, compensation that may become payable to named executive officers as a result of the merger.
Subject to the satisfaction or waiver of the previously disclosed closing conditions, Metals USA currently anticipates closing the transaction after close of business on 12 April 2013, which would also be Metals USA's last day of trading on the New York Stock Exchange. At the effective time of the merger, shares of Metals USA (other than certain excluded shares) will be cancelled and converted into the right to receive $20.65 per share in cash, without interest. Letters of transmittal allowing Metals USA stockholders of record to deliver their shares to the paying agent for the merger in exchange for payment of the merger consideration are expected to be mailed within two business days of the effective date of the merger. Stockholders who hold shares in "street" name through a bank or broker will not have to take any action to have their shares converted into cash as such conversions will be handled by the bank or broker.
Metals USA provides a wide range of products and services in the heavy carbon steel, flat-rolled steel, non-ferrous metals, and building products markets.
