Bayou Steel Announces Stockholder Approval of Merger Agreement.LAPLACE, La. -- Bayou Steel Corporation announced today that its stockholders voted at a special meeting held yesterday to adopt the previously announced merger agreement to be acquired by an entity owned by funds over which Black Diamond Capital Management, L.L.C. ("Black Diamond") acts as an investment manager. Subject to the satisfactory completion of applicable regulatory reviews and customary closing conditions, the transaction is expected to close in late May or early June of 2006. Subject to certain adjustments at closing, including an adjustment for working capital, the total per share purchase price for the Bayou Steel shares is expected to be approximately $75 in cash, assuming a closing in the quarter ending June 2006. Jerry Pitts, the President and CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. of Bayou Steel, noted: "We at Bayou Steel are very pleased that our stockholders have overwhelmingly approved this transaction with Black Diamond and look forward to closing the acquisition as soon as possible." Bayou Steel Corporation manufactures light structural and merchant bar products in LaPlace, Louisiana LaPlace is a unincorporated community in the Greater New Orleans metropolitan area and a census-designated place in St. John the Baptist Parish, Louisiana, on the East Bank of the Mississippi River. [1] [2] The population was 27,684 at the 2000 census. and Harriman, Tennessee. The Company also operates stocking locations along the inland waterway system near Pittsburgh, Chicago, and Tulsa. About Black Diamond Capital Management, L.L.C. Black Diamond Capital Management, L.L.C. is an alternative asset management firm with in excess of $8 billion under management in a combination of private equity, hedge funds hedge fund, in finance, a highly speculative, largely unregulated investment device. Originating in the 1950s, the funds "hedge" by offsetting "short" positions (borrowing a security and then selling it at a higher price before repaying the lender) against "long" and structured vehicles. It was founded in 1995 by its principals, James Zenni and Stephen Deckoff. Its investors are largely comprised of leading institutional investors Institutional Investor A non-bank person or organization that trades securities in large enough share quantities or dollar amounts that they qualify for preferential treatment and lower commissions. , including pension funds, endowments and insurance companies. Black Diamond has offices in Lake Forest, Illinois Lake Forest is a city in Lake County, Illinois, United States. The population was 20,059 at the 2000 census. The city is south of Waukegan, Illinois, on the shore of Lake Michigan, and is a part of the Chicago metropolitan area and the North Shore. , Greenwich, Connecticut Greenwich is a town in Fairfield County, Connecticut, United States. As of the 2000 census, the town had a total population of 61,101. It is home to many hedge funds and other financial service companies that have left Manhattan. Of the $1. , and London, England. Forward-Looking Statements forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. Statements in this press release regarding Bayou Steel Corporation which are not historical facts are "forward-looking statements" that involve risks and uncertainties. There can be no assurance that future results will be achieved and actual results could differ materially from forecasts and estimates. Forward-looking statements in this press release include, without limitation, statements relating to relating to relate prep → concernant relating to relate prep → bezüglich +gen, mit Bezug auf +acc the anticipated closing date of the transaction, the total per share purchase price for the Bayou Steel shares, and the possibility that any of the regulatory reviews and closing conditions, including those outside the control of Bayou Steel, will be satisfied. Bayou Steel does not assure the future results or outcomes of the matters described in forward-looking statements; rather, these statements merely reflect current expectations of the approximate outcomes of the matters discussed. |
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