Quanex to Spin Off Building Products

Quanex to Spin Off Building Products

M&A

Prior to the acquisition of the MACSTEEL business of Quanex Corporation, the latter will spin off building products as a stand-alone company called Quanex Building Products. Gerdau will then acquire all of the outstanding shares of common stock of Quanex at $39.20 a share. The Quanex board has unanimously approved the transaction and is expected to recommend shareholders vote in favor. The transaction should be completed by end Q1 2008. MACSTEEL produces special bar quality (SBQ) steel and aroun

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