Lakeside Steel and JMC Steel Group Announce Execution of Arrangement Agreement; LS Up More Than 20%

By Staff,

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Lakeside Steel (LS.V) and JMC Steel Group, Inc. announced today that they have entered into a definitive agreement pursuant to which JMC Steel Group, Inc., has agreed to acquire all of the issued and outstanding common shares of Lakeside at a price of $0.2983 per share in cash, which represents a premium of approximately 326% over the closing price of Lakeside's shares of $0.07 on December 15, 2011, being the last trading day prior to the date on which Lakeside first announced that it was in exclusive negotiations with a potential purchaser, and a premium of approximately 130% over the volume-weighted average price of Lakeside's shares of $0.13 for the 30 trading days prior to and including December 15, 2011.

Lakeside has touched a day high 27.5 cents while close to 21 million shares have changed hands, making it the most active on the TSXV. A trading halt was placed on the stock before the trading day began, and trading resumed early this afternoon.

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This article appears in: Investing Commodities
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