Novamerican acquired by Symmetry Holdings

By Lisa Kerner

Charlotte, N.C., Nov. 15 - Symmetry Holdings Inc. completed the acquisition of Novamerican Steel, Inc. under the terms of their June 21 merger agreement.

Shareholders of both companies approved the deal at separate meetings in October.

Novamerican's shareholders received $56.00 cash per share for a total of $585.2 million, according to a company news release.

In addition, Novamerican paid a special dividend to its shareholders of $1.50 per share for a total of $15.68 million.

Symmetry stockholders who properly exercised their conversion rights will be entitled to receive $7.84 cash per share for a total of $30.3 million.

As part of the transaction, a wholly owned, indirect Canadian subsidiary of Symmetry was amalgamated with Novamerican, with the successor corporation named Novamerican Steel Inc., the release stated.

"Novamerican is well suited for the implementation of our operating methodology, the Decalogue, and we are ready to begin implementing our plan," Symmetry chief executive officer Corrado De Gasperis said in the release.

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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