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Steel Technologies Shareholders Approve Mitsui Merger
05/31/2007 - Steel Technologies shareholders approve the company's proposed merger with Mitsui & Co. in a vote during a special shareholder meeting on Wednesday.
Steel Technologies Inc.’s shareholders have approved the company's proposed merger with Mitsui & Co. (U.S.A.), Inc., a wholly owned subsidiary of Mitsui & Co., Ltd. The vote took place during a special shareholder meeting on Wednesday, May 30.
Completion of the merger still remains subject to approval from Mexican regulatory authorities, which is expected within the next week, and customary closing conditions. The merger has already been approved by U.S. regulatory authorities.
Under terms of the merger agreement, Steel Technologies’ shareholders will receive $30 per share in an all-cash transaction.
The company has appointed National City Bank, NA as paying agent for the merger consideration. National City Bank will contact shareholders directly.
Steel Technologies processes flat-rolled steel to specific thickness, width, temper, finish and shape requirements for a wide range of applications. The company now has 25 facilities, including its joint venture operations, located throughout the United States, Mexico and Canada.
