Welland, Ontario-based Lakeside Steel, a producer of oil-field pipe and tube, announced Monday that at a special meeting of Lakeside shareholders, shareholders approved the previously announced plan of arrangement in which 2312522 Ontario Inc., a wholly-owned subsidiary of JMC Steel Group Inc., will acquire all of the issued and outstanding common shares of Lakeside for $0.2983 per share in cash.
The plan of arrangement was approved by 98.78 percent of the 110,080,112 votes cast at the meeting and by 98.45 percent of the 85,918,932 votes cast by the disinterested "minority" shareholders, voting separately as a class. The acquisition is still subject to approval by the Ontario Superior Court of Justice at a hearing on March 29, 2012.