On Wednesday, Fort Lauderdale, Florida-based service center Metals USA Holdings Corp. announced that its stockholders approved the adoption of the merger agreement, entered into on February 6, 2013, among Metals USA Holdings Corp., Reliance Steel & Aluminum Co. and RSAC Acquisition Corp., a wholly-owned subsidiary of Reliance (Merger Sub), pursuant to which Merger Sub will merge with and into Metals USA, with Metals USA surviving the merger as a wholly-owned subsidiary of Reliance.
At the special meeting of stockholders, 99.9 percent of the votes cast, representing 87.3 percent of Metals USA's total outstanding shares of common stock as of the March 4, 2013 record date, were voted in favor of the adoption of the merger agreement. Metals USA's stockholders also approved, on an advisory, non-binding basis, compensation that may become payable to named executive officers as a result of the merger.
Subject to the satisfaction or waiver of the previously disclosed closing conditions, Metals USA currently anticipates closing the transaction after close of business on April 12, 2013, which would also be Metals USA's last day of trading on the New York Stock Exchange. At the effective time of the merger, shares of Metals USA (other than certain excluded shares) will be cancelled and converted into the right to receive $20.65 per share in cash, without interest.
