Gerdau Ameristeel (NYSE:GNA) Shareholders Pass Gerdau S.A. (NYSE:GGB) Acquisition Resolution

Shareholders of Gerdau Ameristeel (NYSE:GNA) approved the acquisition of the remaining shares of Gerdau S.A. (NYSE:GGB) they don't already own.

Under the Canada Business Corporations Act, shareholders passes a special resolution which approved of the acquisition of common shares not already owned, directly or indirectly, by it for $11.00 in cash for each common share.

Close to 93 percent of shareholders voted to approve of the deal who held common shares, and 74 percent of minority shareholders gave their approval. A minority shareholder is defined as a party outside of Gerdau S.A. or those related to them.

The deal is expected to close in August 2010, subject to normal regulatory and court approval.