The pending acquisition of Metals USA Holdings Corp by Reliance Steel and Aluminum Co has been approved by Metals USA shareholders. The vote was done with a 87.3% vote of Metals USA outstanding shares during a special stockholder meeting called for that specific purpose.
Metals USA is expecting that the transaction would be completed by the close of office hours of April 12, subject to completion of closing conditions previously approved.
Last February 2013, Reliance Steel had agreed to acquire all the outstanding shares of Metals USA at US$20.65 per share paid in cash. As a result of the merger, RSAC Acquisition Corp, a subsidiary of Reliance, would be merging with Metals USA. From there, the new entity would operate as a full subsidiary of Reliance Steel.
Metals USA manufactures steel and aluminum components with an asset base worth US$1 billion and sales of US$2 billion in 2012. The acquisition would also include 48 service centers that are located throughout the continental United States.
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