Lakeside Steel, JMC Steel Group Enter into Agreement
January 27, 2012
Lakeside Steel Inc. and JMC Steel Group Inc. entered into a definitive agreement pursuant to which JMC Steel Group, through a wholly owned subsidiary, has agreed to acquire all of the issued and outstanding common shares of Lakeside. The transaction is expected to be completed in or prior to the second quarter of 2012. Under the Arrangement Agreement, JMC Steel has also agreed to provide Lakeside with a secured loan in the aggregate principal amount of up to $50 million. The completion of the proposed Arrangement is subject to a number of customary conditions, including the approval of the Ontario Superior Court of Justice and the approval of two-thirds of the votes cast by Lakeside’s shareholders and a simple majority of Lakeside’s disinterested shareholders.