Chaparral Steel Company Stockholders Approve Merger with Gerdau Ameristeel Corporation
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MIDLOTHIAN, Texas, Sept. 12 / -- Chaparral Steel Company announced that its stockholders at a special meeting held in Dallas, Texas today adopted the merger agreement under which Chaparral is to be acquired by Gerdau Ameristeel Corporation. Approximately 99.7% of the shares voted were cast in favor of the merger. The number of shares voted in favor of the merger represented approximately 75% of the total shares outstanding and entitled to vote at the meeting.
Tommy Valenta, President and CEO of Chaparral Steel, commented: "We are pleased to announce that our stockholders have approved the proposed merger with Gerdau Ameristeel. I am excited because this was a decision made by our stockholders and they voted overwhelmingly in favor of the transaction. Our stockholders clearly share our belief that the merger creates significant value and a bright future for the company and for the exceptional people who have participated in our success."
Chaparral also announced that it expects the merger will be consummated on Friday, September 14, 2007.
About Chaparral
Chaparral Steel Company, headquartered in Midlothian, Texas, is the second largest producer of structural steel beams in North America. Chaparral is also a supplier of steel bar products. In addition, Chaparral is a leading North American recycling company. Additional information may be found on Chaparral's web site at http://www.chapusa.com/.
For further information contact Cary D. Baetz at (972) 779-1032.
Source: Chaparral Steel Company
CONTACT: Cary D. Baetz of Chaparral Steel Company, +1-972-779-1032
Web site: http://www.chapusa.com/
