Wheeling-Pittsburgh shareholders OK deal with Esmark

By Lisa Kerner

Charlotte, N.C., Nov. 27 - Wheeling-Pittsburgh Corp. stockholders voted on Tuesday to approve the company's merger with Esmark Inc. Of the 11.5 million outstanding shares voted, more than 93% were voted in favor of the transaction, according to a company news release.

It was previously reported that under the companies' amended merger agreement, Wheeling-Pittsburgh stockholders have the option to elect:

• To receive $20 cash per share of Wheeling-Pittsburgh common stock;

• To participate in a share-for-share exchange in the parent company of Wheeling-Pittsburgh and Esmark after the combination plus a right to purchase newly issued shares of New Esmark common stock at $19 per share; or

• To participate in a share-for-share exchange for New Esmark common stock.

The newly combined company will conduct business under the name Esmark Inc., and its common stock will trade on Nasdaq under the ticker symbol "ESMK" effective Wednesday.

"With this task now accomplished, we must combine the advantages of this new organizational structure with the cost initiatives recently enacted at Wheeling-Pittsburgh to generate strong, recurring profits," James P. Bouchard, chairman and chief executive officer of the new Esmark Inc. said in the release.

Esmark is a Chicago Heights, Ill., steel service center.

Wheeling-Pittsburgh is a Wheeling, W.V.-based steel company.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.