Gerdau Ameristeel Corporation (NYSE: GNA, TSX: GNA) and Gerdau S.A. (Bovespa: GGBR, NYSE: GGB, Latibex: XGGB) announced today that, as of August 5, 2010, more than 66 2/3% of the votes cast to date by all Gerdau Ameristeel shareholders and more than a majority of the votes cast to date by the minority shareholders have been voted in favour of the proposed acquisition by Gerdau S.A. of the common shares of Gerdau Ameristeel that it does not already own at a price of US$11.00 cash per common share.
For the transaction to be implemented, it must be approved by not less than 66 2/3% of the votes cast by all Gerdau Ameristeel shareholders, and a simple majority of the votes cast by the minority shareholders, present in person or represented by proxy and entitled to vote on the plan of arrangement resolution at the special meeting of Gerdau Ameristeel's shareholders. The Board of Directors of Gerdau Ameristeel unanimously recommends that shareholders vote in favour of the plan of arrangement resolution.
Gerdau Ameristeel is pleased to have received positive shareholder support and favourable recommendations from two leading proxy advisory firms, ISS Proxy Advisory Services and Glass Lewis & Co.
As the regulatory review of certain disclosure documents related to the transaction is not expected to be completed before the August 10, 2010 special meeting of Gerdau Ameristeel's shareholders, Gerdau Ameristeel is rescheduling the special meeting to a later date in order to accommodate this regulatory review process. Gerdau Ameristeel will announce the new time, date and location for the meeting by way of a further press release. The record date for voting at the meeting will not be affected. Shareholders are urged to carefully read the information circular dated July 7, 2010 that was mailed to them in connection with the transaction.
As a result of the rescheduling of the special meeting, the time for the deposit of proxies will be extended. Proxies must now be received no later than 48 hours (excluding Saturdays, Sundays and holidays) prior to the commencement of the rescheduled meeting. No further action need be taken by shareholders that already have deposited proxies in respect of their shares for those shares to be voted at the special meeting.
Source: http://www.gerdau.com.br/