JMC Steel Group, Inc. Completes Acquisition of Lakeside Steel Inc.
29 Marzo 2012 - 4:32PM
PR Newswire (Canada)
WELLAND, ON, March 30, 2012 /CNW/ - JMC Steel Group, Inc. ("JMC")
and Lakeside Steel Inc. ("Lakeside") announced today that they have
completed Lakeside's statutory plan of arrangement under the
Business Corporations Act (Ontario) (the "Arrangement"). Pursuant
to the Arrangement, JMC Steel Group, Inc., through a wholly-owned
subsidiary, acquired all of the issued and outstanding common
shares of Lakeside at a price of CAD $0.2983 per share in cash. The
arrangement was conducted pursuant to an arrangement agreement
dated January 25, 2012 among JMC, Lakeside and 2312522 Ontario
Inc. In connection with the arrangement, JMC entered into
voting agreements with Jaguar Financial Corporation, one of
Lakeside's principal shareholders, as well as all of the directors
and executive officers of Lakeside. Pursuant to these voting
agreements, the supporting shareholders agreed to vote their shares
in favour of the Arrangement. Following completion of the
arrangement, JMC now owns and controls all of the outstanding
common shares of Lakeside. The Ontario Superior Court of Justice
issued a final order approving the Arrangement on March 29, 2012.
Further information about the Arrangement was provided in a
management information circular dated February 27, 2012, which was
sent to Lakeside's shareholders. About Lakeside Steel Inc. Lakeside
is the parent company of Lakeside Steel Corporation, Lakeside Steel
Alabama Inc. and Lakeside Steel Texas Inc. Lakeside has operating
facilities located in Welland, Ontario, Thomasville, Alabama, and
Corpus Christi, Texas, and two processing facilities currently
being constructed in Thomasville, Alabama. Lakeside is a
diversified steel pipe and tubing manufacturer with a focus on
manufacturing and upgrading Oil Country Tubular Goods. Lakeside's
list of customers includes large oil and gas end users as well as
distributors across North America. Lakeside Steel Alabama will be a
diversified steel pipe manufacturer with end-finishing and heat
treat capabilities strategically situated in the southern United
States on successful completion of construction of the new
facilities in Thomasville, Alabama. Construction of the Alabama
facilities is currently underway. About JMC Steel Group, Inc. JMC
Steel Group, Inc. is the largest independent steel tubular
manufacturer in North America, producing more than 2 million tons
of pipe and tubular products a year and employing more than 1,800
people. It operates 12 manufacturing facilities in the U.S. and
Canada and is a market leader in steel hollow structural sections
(HSS), standard pipe and electrical conduit. Its companies have
been recognized for their short production cycle times, in-house
coating capabilities and proprietary products. The JMC Steel Group,
Inc. is headquartered in Chicago, IL; its two largest companies,
Atlas Tube and Wheatland Tube, market products under their brand
names. Lakeside Steel Inc. CONTACT: Frank RiddickChief Executive
OfficerJMC Steel Group, Inc.227 W. Monroe Street, 26th
FloorChicago, IL 60606email: frank.riddick@jmcsteel.com312-275-1601
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