Symmetry Receives Final Approval for Novamerican Steel Acquisition
10/16/2007 - Symmetry Holdings receives notice from the Minister of Industry approving its offer to acquire all of the issued and outstanding shares of Novamerican Steel.
Symmetry Holdings Inc. has received notice from the Minister of Industry approving its offer to acquire all of the issued and outstanding shares of Novamerican Steel Inc.
Symmetry’s offer was approved by the Minister under the Investment Canada Act as being of net benefit to Canada. The approval was supported by Symmetry’s commitments to the Minister of Industry with respect to the growth of Novamerican's Canadian operations that highlight the net benefit to Canada that would result from the transaction.
Symmetry previously received clearance under the Competition Act (Canada) and the requisite waiting period under the Hart-Scott-Rodino Antitrust Improvements Act of 1976 has expired. Accordingly, Symmetry has now received all regulatory approvals necessary to consummate the acquisition of Novamerican.
Symmetry has set October 25, 2007 for its Special Meeting of Stockholders to consider and vote on the proposal to approve the acquisition of Novamerican. The close of business on October 2, 2007 was the record date for the determination of stockholders entitled to notice of and to vote at the Special Meeting.
Symmetry Holdings Inc. is a company formed for the specific purpose of acquiring businesses that are in the basic industries sector. On June 21, 2007, Symmetry entered into an Arrangement Agreement with Novamerican, pursuant to which it plans to acquire all of the outstanding common shares of Novamerican by way of a court-approved statutory plan of arrangement under the Canada Business Corporation Act.
The company notes that this announcement is not a proxy statement or a solicitation of proxies, and it does not constitute an offer of any securities of Symmetry for sale.
