Welland, Ontario-based Lakeside Steel Inc. executed a non-binding letter of intent with a strategic purchaser regarding an offer to acquire all of the company’s common shares at $0.40 cash per common share (approximately $77.5 million). The proposed offer is subject to certain conditions including the completion of due diligence by no later than Jan. 9, the execution of a definitive agreement between the company and the purchaser as well as the execution of lock-up agreements with directors of the company, Jaguar Financial Corporation and certain other significant shareholders to support the acquisition.