Ameristeel bids $4.2B for hot texas beams

Sep 01, 2007 | 12:17 PM |

Gerdau Ameristeel Corp., Tampa, Fla., has agreed to acquire Chaparral Steel Co., Midlothian, Texas, in a deal valued at $4.22 billion, or $86 per share, which would expand its reach into the profitable structural steel sector.

The definitive agreement was approved unanimously by the boards of directors of both companies. The deal is expected to close by the end of the year, although Gerdau Ameristeel executives held out hope during a conference call that they could get it done by the end of September.....





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