Maverick Tube Shareholders Approve Tenaris Merger
Maverick Tube says its stockholders have approved the previously announced merger with a subsidiary of Tenaris S.A. at a special meeting held on Monday, October 2nd. Upon consummation of the merger, Maverick will become a wholly owned subsidiary of Tenaris S.A. All other conditions to the merger have been satisfied and the parties expect that the merger will be consummated on October 5, 2006.
There were 25,634,954 votes cast at the special meeting in favor of the merger representing approximately 69.4% of the 36,954,313 shares entitled to vote.
Under the terms of the merger agreement, Maverick stockholders will receive $65 in cash for each share of Maverick common stock they own. Maverick stockholders will receive letters of transmittal from the paying agent for the transaction shortly after the merger is completed for them to complete and return with their stock certificates to receive their per share merger consideration.
"As we complete the final steps towards Maverick's acquisition by Tenaris, I would once again like to thank all of the members of the Maverick family - customers, suppliers, stockholders, directors and, especially, employees," said Maverick's Chief Executive Officer, C. Robert Bunch. "Working together for mutual benefit, you have created a company of which we can all be proud."
Maverick Tube Corporation is a St. Louis, Missouri based manufacturer of
tubular products in the energy industry for exploration, production, and
transmission, as well as industrial tubing products (steel electrical conduit,
standard pipe, pipe piling, and mechanical tubing) used in various
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Company: Maverick Tube more info
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