PW Eagle shareholders approve merger with J-M Manufacturing subsidiary

By Lisa Kerner

Charlotte, N.C., April 12 - PW Eagle, Inc. said 97% of the company's shareholders voted to approve the proposed merger with a subsidiary of J-M Manufacturing Co., Inc. at a special meeting on Thursday.

The companies are currently responding to a "second request" for information from the Federal Trade Commission under the Hart-Scott-Rodino Antitrust Improvements Act of 1976, as amended.

As a result, the merger is expected to close in the latter part of the second quarter or the early part of the third quarter of 2007, the release stated.

J-M Manufacturing entered into a definitive merger agreement on Jan. 16 to acquire PW Eagle for $33.50 per share in cash in a transaction valued at $400 million.

The agreement included a termination fee of 3% of the total consideration, up to $2.5 million.

J-M Manufacturing, based in Livingston, N.J., operates 14 plastic pipe manufacturing facilities.

Based in Eugene, Ore., PW Eagle operates 12 plastic pipe manufacturing facilities in eight states.

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