Metals USA Stockholders Approve Merger Agreement
10/20/2005 - Metals USA, Inc. stockholders have voted to adopt the merger agreement providing for acquisition of the company by affiliates of Apollo Management, LP.
Metals USA, Inc. stockholders have voted to adopt the merger agreement providing for acquisition of the company by affiliates of Apollo Management, LP.
The vote took place during a special stockholders meeting on Wednesday in New York, N.Y. Approximately 99% of the votes cast at the special meeting voted to adopt the merger agreement.
The proposed merger, which was announced on May 18, 2005, is expected to close in the fourth quarter of 2005, pending the satisfaction or waiver of all the closing conditions set forth in the merger agreement. Under the terms of the merger agreement, company stockholders will receive $22.00 per share in cash, without interest.
Metals USA provides a wide range of products and services in the heavy carbon steel, flat-rolled steel, specialty metals, and building products markets.
Apollo Management, LP is a private investment management firm.