Chaparral Steel stockholders say yes to Gerdau Ameristeel merger deal

By Lisa Kerner

Charlotte, N.C., Sept. 12 - Chaparral Steel Co. stockholders approved the company's acquisition by Gerdau Ameristeel Corp. at a special meeting held on Wednesday.

Approximately 99.7% of the shares voted, or about 75% of the total shares outstanding, were cast in favor of the merger.

Chaparral expects the merger will close on Friday.

"Our stockholders clearly share our belief that the merger creates significant value and a bright future for the company and for the exceptional people who have participated in our success," president and chief executive officer Tommy Valenta said in a company news release.

On July 11, Chaparral agreed to be acquired by Gerdau Ameristeel for $86 per share in cash in a deal valued at about $4.22 billion.

Midlothian, Texas-based Chaparral produces structural steel beams and supplies steel bar products.

Gerdau Ameristeel, a subsidiary of Gerdau SA, is based in Tampa, Fla., and operates as a minimill steel producer through its subsidiaries.

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