Novamerican Steel shareholders approve deal with Symmetry

By Lisa Kerner

Charlotte, N.C., Nov. 1 - Novamerican Steel Inc. shareholders approved the company's plan of arrangement with a subsidiary of Symmetry Holdings, Inc. at a special meeting on Wednesday.

The plan was approved by 99.98% of the votes cast by holders of common shares, a company news release stated. Novamerican said it expects the Superior Court of Quebec to hear its application for the merger on Nov. 7. The arrangement will close within five business days of receiving a sanction by the court.

As previously reported, Symmetry shareholders approved the deal on Oct. 25.

Symmetry and Novamerican announced a definitive agreement on June 21 that gives Novamerican shareholders $56 per share in a cash transaction valued at $585.2 million.

New York-based Symmetry is in the business of acquiring companies in the basic industries sector.

Novamerican is a Montreal-based steel company.

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