Shares of Quanex spinoff company now trading on when-issued basis

By Lisa Kerner

Charlotte, N.C., April 14 - Quanex Corp. said shares of its spinoff company, Quanex Building Products Corp., began trading on a when-issued basis on Monday on the New York Stock Exchange under the symbol "NX WI."

The shares are expected to begin trading regular way under the symbol "NX" on April 24, according to a Quanex news release.

It was previously reported that Quanex set April 23 as the record date and the distribution date for the spinoff of its building products business.

According to Quanex, the spinoff would be immediately followed by the merger of Quanex with a subsidiary of Gerdau SA for $39.20 per common share.

Stockholders are set to vote on the merger at a special meeting on April 22.

According to a prior release, Quanex planned to merge its vehicular products business, including its Macsteel division, with a wholly owned subsidiary of Gerdau for $1.67 billion while the building products business would be spun off to shareholders as a standalone company called Quanex Building Products in a taxable distribution via a stock-for-stock exchange.

Gerdau is a Porto Alegre, Brazil-based steel manufacturer.

Houston-based Quanex manufactures components for the vehicle and building products industries.

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