Gerdau S.A. proposes to acquire remaining shares of Gerdau Ameristeel
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Tampa, Florida-based Gerdau Ameristeel Corporation and Gerdau S.A. Wednesday announced that Gerdau S.A. proposed to its Board of Directors that the company acquire the remaining shares of Gerdau Ameristeel. The proposal cites a recommended purchase price of US$11 per share.
In totality, this proposal values Gerdau Ameristeel's remaining shares at approximately US$1.6 billion. Currently, Gerdau S.A owns 66.3 percent of the outstanding shares of Gerdau Ameristeel.
Once Gerdau Ameristeel is wholly-owned by Gerdau S.A., the combined business would be expected to benefit from additional business development opportunities in the context of Gerdau S.A.'s global strategy. As a wholly-owned subsidiary of Gerdau S.A., Gerdau Ameristeel would be expected to realize global synergies and enjoy a lower cost of funding as a result of Gerdau S.A.'s stronger credit ratings.
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