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Waiting Period Passes for Chaparral-Gerdau Ameristeel Deal
08/24/2007 - Chaparral and Gerdau Ameristeel reach the end of their Hart-Scott-Rodino waiting period, satisfying one of the pre-conditions for consummation of their merger agreement.
Chaparral Steel and Gerdau Ameristeel have reached the end of the waiting period (under the Hart-Scott-Rodino Antitrust Improvements Act of 1976, as amended) for the companies’ previously announced agreement and plan of merger.
Expiration of the HSR waiting period without action by the Federal Trade Commission or the Department of Justice was one of the conditions to completion of the proposed merger.
Consummation of the merger still remains subject to other customary conditions, including adoption of the Agreement and Plan of Merger by Chaparral's stockholders.
Headquartered in Midlothian, Texas, Chaparral Steel is the second-largest producer of structural steel beams in North America. Chaparral also supplies steel bar products, and is a leading North American recycling company.
Gerdau Ameristeel is the second largest mini-mill steel producer in North America with annual manufacturing capacity of over 9.0 million tons of mill finished steel products. Through its vertically integrated network of 17 minimills (including one 50% owned joint venture minimill), 17 scrap-recycling facilities and 52 downstream operations, Gerdau Ameristeel serves customers throughout North America. The company's products are generally sold to steel service centers, steel fabricators, or directly to original equipment manufactures for use in a variety of industries.
