Stockholders of Bridgeville-based Universal Stainless & Alloy Products, a semi-finished and finished specialty steels manufacturer and marketer, voted at a special meeting earlier this month to approve the company’s purchase by Luxembourg-based Aperam S.A., a stainless, electrical, specialty steel and recycling company.
Approximately 99 percent of votes were in favor of the merger. The votes represented approximately 68 percent of the total outstanding shares of common stock as of Nov. 22. The final voting results will be filed with the U.S. Securities and Exchange Commission.
Under the terms of the merger, Universal stockholders will receive $45 in cash per share for every share of Universal common stock they own immediately prior to the merger.
The deal is expected to close during the first quarter.
Universal Stainless & Alloy Products produces nickel alloys, stainless steel, tool steel and other alloyed steels used by the aerospace, energy, heavy equipment manufacturing, and other industries.
Aperam serves customers in more than 40 countries. It has six production facilities in Brazil, Belgium and France with a flat stainless and electrical steel capacity of 2.5 million tones. The company is organized in four primary operating segments: stainless and electrical steel, services and solutions, alloys and specialties, and recycling and renewables.