Business
Nucor Acquires Over 96% of Harris Steel Group Inc. Shares
Nucor Acquires Over 96% of Harris Steel Group Inc. Shares.
About this update from Nu E Power Corp.
[{"type":"text","content":"\n\n\n\nCHARLOTTE, NC and TORONTO, March 2 /CNW/ - Nucor Corporation ("Nucor")\n(NYSE: NUE) and Harris Steel Group Inc. ("Harris Steel") (TSX: HSG) announced\nthat as of 12:30 a.m. (Toronto time) on March 2, 2007, 25,998,212 common\nshares of Harris Steel, including shares deposited by guaranteed delivery,\nwere deposited to the offer (the "Offer") made by a wholly owned indirect\nsubsidiary of Nucor, to acquire all of the issued and outstanding common\nshares of Harris Steel for C$46.25 in cash per Harris Steel common share.\n\n\nAll of the conditions of the Offer were satisfied prior to the expiration\nof the Offer, and Nucor has taken up all of the Harris Steel common shares\nthat were validly deposited to the Offer. Payment for such Harris Steel common\nshares in the amount of C$1,202,417,305 is expected to be made as soon as\npracticable and in any event by no later than Wednesday, March 7, 2007. Nucor\nnow beneficially owns 25,998,212 common shares of Harris Steel or over 96% of\nthe issued and outstanding common shares of Harris Steel.\n\n\nIn accordance with its stated purpose of acquiring all of the outstanding\nshares of Harris Steel, Nucor intends, as soon as permitted, to exercise its\nright to acquire the remaining Harris Steel common shares by means of a\nstatutory compulsory acquisition under Section 188 of the Business\nCorporations Act (Ontario).\n\n\nNucor and Harris Steel have agreed to cooperate to enable Nucor to elect\nor appoint as soon as possible, and from time to time as Nucor may acquire\nadditional shares of Harris Steel, such number of directors of Harris Steel as\nis proportionate to Nucor's percentage shareholdings of Harris Steel.\n\n\nUpon the completion of the steps to acquire the remaining outstanding\nHarris Steel common shares, Nucor intends to delist the shares from the\nToronto Stock Exchange and to cause Harris Steel to cease to be a reporting\nissuer.\n\n\nHarris Steel has several business units: Harris Rebar, which is involved\nin the fabrication and placing of concrete reinforcing steel and the design\nand installation of concrete post-tensioning systems; Laurel Steel, which is a\nmanufacturer and distributor of wire and wire products, welded wire mesh and\ncold finished bar; and Fisher & Ludlow, which is a manufacturer and\ndistributor of heavy industr...