Universal Stainless & Alloy Products, Inc. (NASDAQ:USAP) has announced that its stockholders have approved the company's acquisition by Aperam S.A. Under the terms of the merger agreement, Universal stockholders are set to receive $45.00 per share in cash for every share of Universal common stock they own. Approximately 99% of the shares voted (excluding abstentions) were in favor of the merger, representing roughly 68% of the total outstanding shares of Universal common stock as of November 22, 2024.
The transaction is expected to close in the first quarter of 2025, subject to the satisfaction of remaining closing conditions. The final voting results on the proposals voted on at the special meeting will be set forth in a Form 8-K filed by Universal with the U.S. Securities and Exchange Commission.
Universal Stainless & Alloy Products, Inc., established in 1994 and headquartered in Bridgeville, PA, manufactures and markets semi-finished and finished specialty steels, including stainless steel, nickel alloys, tool steel, and certain other alloyed steels. The company's products are used in various industries, including aerospace, energy, and heavy equipment manufacturing.
On the other hand, Aperam is a global player in stainless, electrical, specialty steel, and recycling, with customers in over 40 countries. The business is organized into four primary operating segments: stainless & electrical steel, services & solutions, alloys & specialties, and recycling & renewables. Aperam has a flat stainless and electrical steel capacity of 2.5 million tonnes in Brazil and Europe, and it is a leader in high-value specialty products.
This acquisition marks a significant development in the industry and is expected to have a substantial impact on the companies involved. As a result of these announcements, the company's shares have moved 0.3% on the market, and are now trading at a price of $44.6. For the full picture, make sure to review Universal Stainless & Alloy Products's 8-K report.
