Lakeside Steel’s shareholders have announced their approval of JMC Steel Group’s subsidiary acquiring the company. The acquisition by Ontario Inc. includes buying all the issued and outstanding common shares of Lakeside at a price of $0.2983 per share in cash. The acquisition was approved by over 98% of the shareholders.

The proposed acquisition now awaits approval by the Ontario Superior Court of Justice at a hearing scheduled on March 29, 2012.

Source: Lakeside Steel