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Algoma Steel announces result of Shareholder Vote on its acquisition by Essar
06/13/2007 - Algoma Steel shareholders vote to approve the acquisition of all of Algoma's outstanding common shares by a subsidiary of Essar Steel Holdings Limited; the arrangement was approved by 82.6% of the votes cast at the meeting.
Algoma Steel Inc. announced shareholders voted to approve arrangement involving the acquisition by a subsidiary of Essar Steel Holdings Limited of all of Algoma's outstanding common shares for all cash consideration of $56 per share. The arrangement was approved by 82.6% of the votes cast at the meeting.
The vote was held during Algoma's Annual and Special Meeting of Shareholders held Monday.
Algoma, Essar and their advisors expect that the balance of the preconditions to the closing of the arrangement are likely to be satisfied over the next several days including final Court approval of the Arrangement scheduled for June 13, 2007.
Depending on various factors, the closing of the Arrangement is anticipated to occur in the week of June 18, 2007.
Algoma Steel Inc. is an integrated steel producer based in Sault Ste. Marie, Ontario. Revenues are derived primarily from the manufacture and sale of rolled steel products including hot and cold rolled sheet and plate.
