Apr 16 2007
Steel Technologies Inc. announced that the Federal Trade Commission has granted early termination of the waiting period under the Hart-Scott-Rodino Antitrust Improvements Act of 1976, as amended, in connection with the Company’s pending merger agreement with Mitsui & Co. (U.S.A.), Inc. The transaction remains subject to the receipt of shareholder approval as well as the satisfaction of other previously disclosed closing conditions, including clearance by governmental authorities under the antitrust laws of Mexico.
Steel Technologies also announced that it has scheduled a special meeting of shareholders on Wednesday, May 30, 2007, to consider and vote on a proposal to ratify, adopt and approve the merger agreement. Steel Technologies shareholders of record at the close of business on Wednesday, April 18, 2007, will be entitled to receive notice of the special meeting and to vote on the merger proposal. The special meeting will be held at 9:00 a.m., local time, at the Louisville Marriott East, 1903 Embassy Square Boulevard (I-64 and Hurstbourne Lane), Louisville, Kentucky. The Company expects to mail definitive proxy material relating to the special meeting to shareholders of record on or about April 25, 2007.
Steel Technologies previously announced the signing of a definitive merger agreement with Mitsui & Co. (U.S.A.), Inc., a wholly owned subsidiary of Mitsui & Co., Ltd. (TSE:8031) (collectively "Mitsui"), pursuant to which Steel Technologies and a subsidiary of Mitsui will merge. Steel Technologies’ shareholders will receive $30 per share in this all-cash transaction.