Date set for Quanex shareholders to decide Gerdau merger

By Lisa Kerner

Charlotte, N.C., Feb. 19 - Quanex Corp. shareholders will vote on the company's merger with a Gerdau SA subsidiary on March 31.

The record date for the meeting is Feb. 29, according to a company news release.

It was previously announced that Quanex will merge its vehicular products business, including its Macsteel division, with a wholly owned subsidiary of Gerdau SA for $39.20 cash per share, or $1.673 billion.

The transaction is expected to close in the first quarter of 2008.

Quanex is also spinning off its building products business to shareholders as a stand-alone company called Quanex Building Products in a taxable distribution. Quanex shareholders of record will receive one share of Quanex Building Products stock for each share of Quanex stock, a prior release stated.

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

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