Jun 15 2007
Lone Star Technologies, Inc. announced today that at Lone Star's Special Meeting of Shareholders held today, Lone Star shareholders approved the adoption of the merger agreement with United States Steel Corporation . The transaction was approved by more than 73% of the shares outstanding and more than 99% of the shares voting on the proposal. Immediately following the shareholder approval the necessary documents were filed with the State of Delaware and Lone Star is now a wholly owned subsidiary of U. S. Steel.
Lone Star shareholders will receive $67.50 in cash for each issued and outstanding share of Lone Star. U. S. Steel has appointed Mellon Investor Services LLC as paying agent for this transaction. Lone Star shareholders of record will be receiving a letter of transmittal and other instructions from Mellon within the next few days and should submit their share certificates in accordance with the instructions. Lone Star shareholders who hold their stock through a broker, bank or other nominee should contact their broker, bank or other nominee concerning receipt of payment for their shares.
Effective after the close of market today, trading in Lone Star common stock on the NYSE will cease.
Lone Star Technologies, Inc.'s principal operating subsidiaries manufacture, market and provide custom services related to oilfield casing, tubing, couplings, and line pipe, specialty tubing products used in a variety of applications, and flat rolled steel and other tubular products.