Chaparral Steel sets date for merger vote

By Lisa Kerner

Charlotte, N.C., Aug. 9 - Chaparral Steel Co. scheduled its special meeting of shareholders for 10 a.m. ET on Sept. 12 in Dallas.

Shareholders of record as of Aug. 9 will be asked to vote on the company's acquisition by Gerdau Ameristeel Corp. for $86 per share in cash, according to a company news release.

As previously reported, both companies' boards of directors have approved the $4.22 billion transaction, which is expected to close by the end of the year.

On April 25, Chaparral announced it would review strategic alternatives, including a possible sale of the company. The Midlothian, Texas-based company produces structural steel beams and supplies steel bar products.

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

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