Metals USA Holdings Corp. (MUSA) Wednesday said its shareholders have approved the adoption of the merger agreement, dated February 6, with Reliance Steel & Aluminum Co. and RSAC Acquisition Corp.
Under the terms of agreement, Merger Sub will merge into Metals USA, with Metals USA surviving the merger as a wholly-owned subsidiary of Reliance.
At the shareholder meeting, 99.9 percent of the votes cast, representing 87.3 percent of Metals USA's shares, voted in favor of the adoption of the merger agreement.
The transaction is expected to close on April 12, which would also be Metals USA's last day of trading on the NYSE. Upon close, shares of Metals USA will be cancelled and converted into the right to receive $20.65 per share in cash, without interest.
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