Universal Stainless & Alloy Products, Inc. has been acquired by Aperam S.A. for $45.00 per share, becoming a subsidiary.
Quiver AI Summary
Universal Stainless & Alloy Products, Inc. has completed its acquisition by Aperam S.A., where Universal stockholders will receive $45.00 per share in an all-cash deal. This strategic move, first announced on October 17, 2024, and approved by stockholders on January 15, 2025, positions Universal as a wholly-owned subsidiary of Aperam, thus halting the trading of Universal's shares on NASDAQ. Leaders from both companies expressed excitement over the acquisition, highlighting it as a significant opportunity for growth and innovation in specialty steel solutions, particularly for key industries like aerospace. Advisors for Universal included TD Cowen and K&L Gates LLP.
Potential Positives
- The completion of the acquisition by Aperam S.A. results in Universal stockholders receiving $45.00 per share in an all-cash transaction, providing immediate financial benefits to shareholders.
- The merger positions Universal more strategically within the industry by combining strengths with Aperam, a global leader in specialty steel solutions, enhancing future growth opportunities.
- The acquisition allows Universal to leverage Aperam's strong financial resources, which can lead to increased investment in innovation and improved product offerings for key industries.
- This transaction is viewed as a significant milestone, indicating confidence in the future of the newly formed entity and potential for increased market competitiveness.
Potential Negatives
- The completion of the acquisition means that Universal is now a wholly-owned subsidiary of Aperam, which may lead to changes in management and operations that could affect existing employees and corporate culture.
- The cessation of Universal's shares trading on the NASDAQ Stock Market signifies the loss of public company status, potentially impacting stockholder influence and the company's ability to raise capital through public markets in the future.
- The warning about the risks associated with the acquisition, including integration challenges and the potential for unanticipated liabilities, suggests that the anticipated benefits of the merger may not be realized, which could adversely affect operations and performance.
FAQ
What was the acquisition announced by Universal Stainless?
Universal Stainless & Alloy Products, Inc. announced its acquisition by Aperam S.A., entitling stockholders to $45.00 per share.
When was the acquisition approved by stockholders?
The acquisition was approved by Universal stockholders at a Special Meeting held on January 15, 2025.
Who commented on the acquisition's benefits?
Christopher M. Zimmer, President and CEO of Universal, highlighted the benefits of innovation and growth through the acquisition.
What industries does Universal Stainless serve?
Universal Stainless manufactures products for aerospace, energy, and heavy equipment manufacturing industries.
Where can I find more information about Aperam?
More information about Aperam can be found on their official website at www.aperam.com.
Disclaimer: This is an AI-generated summary of a press release distributed by GlobeNewswire. The model used to summarize this release may make mistakes. See the full release here.
$USAP Insider Trading Activity
$USAP insiders have traded $USAP stock on the open market 2 times in the past 6 months. Of those trades, 0 have been purchases and 2 have been sales.
Here’s a breakdown of recent trading of $USAP stock by insiders over the last 6 months:
- WENDEL CROSBY (V.P. of Manufacturing) sold 24,047 shares for an estimated $1,063,654
- GRAHAM MCINTOSH (Executive VP & Chief Technolog) sold 5,000 shares for an estimated $221,350
To track insider transactions, check out Quiver Quantitative's insider trading dashboard.
$USAP Hedge Fund Activity
We have seen 66 institutional investors add shares of $USAP stock to their portfolio, and 45 decrease their positions in their most recent quarter.
Here are some of the largest recent moves:
- NEXT CENTURY GROWTH INVESTORS LLC added 263,503 shares (+89.9%) to their portfolio in Q3 2024, for an estimated $10,179,120
- PORTOLAN CAPITAL MANAGEMENT, LLC added 104,916 shares (+inf%) to their portfolio in Q3 2024, for an estimated $4,052,905
- MINERVA ADVISORS LLC removed 89,680 shares (-17.1%) from their portfolio in Q3 2024, for an estimated $3,464,338
- ACADIAN ASSET MANAGEMENT LLC removed 81,743 shares (-100.0%) from their portfolio in Q3 2024, for an estimated $3,157,732
- AMERICAN CENTURY COMPANIES INC added 63,796 shares (+44.2%) to their portfolio in Q3 2024, for an estimated $2,464,439
- SUSQUEHANNA INTERNATIONAL GROUP, LLP removed 58,500 shares (-100.0%) from their portfolio in Q3 2024, for an estimated $2,259,855
- LOS ANGELES CAPITAL MANAGEMENT LLC added 53,246 shares (+inf%) to their portfolio in Q3 2024, for an estimated $2,056,892
To track hedge funds' stock portfolios, check out Quiver Quantitative's institutional holdings dashboard.
Full Release
BRIDGEVILLE, Pa., Jan. 23, 2025 (GLOBE NEWSWIRE) -- Universal Stainless & Alloy Products, Inc. (“Universal” or the “Company”) today announced the completion of its previously-announced acquisition by Aperam S.A. (the “Acquisition”), pursuant to which Universal stockholders are entitled to receive $45.00 per share of Universal’s common stock in the all-cash transaction.
The combination brings together Aperam, a global leader in stainless, specialty steel solutions, and recycling, with Universal, a leading manufacturer of specialty steel products for key aerospace and industrial applications in the U.S.
The Acquisition was announced on October 17, 2024 and was approved by Universal stockholders at a Special Meeting held on January 15, 2025. With completion of the Acquisition, Universal has become a wholly-owned subsidiary of Aperam and the shares of Universal common stock, previously traded under the symbol USAP, have ceased trading on the NASDAQ Stock Market.
Christopher M. Zimmer, President and CEO of Universal, commented: “We are enormously excited to be part of Aperam, a respected global leader with complementary capabilities and strong financial resources to invest for the future. The transaction represents a significant milestone for both companies, enabling us to work together to innovate and deliver high-quality, sustainable solutions to our customers. The combination also will enable Universal to move forward in accelerating its growth and development with benefits for our employees and customers. We are convinced this transaction represents a powerful combination upon which to build an exciting future together.”
Timoteo Di Maulo, Aperam’s CEO commented: “We are delighted to welcome Universal to the Aperam family. This acquisition is a key step in our strategic plan to decommoditize our product portfolio and provide innovative, high-performance solutions for key industries such as aerospace. Together, we are poised to unlock new opportunities for growth and value creation.”
Advisors
TD Cowen acted as exclusive financial advisor to Universal and K&L Gates LLP served as legal advisor to Universal.
About Universal Stainless & Alloy Products, Inc.
Universal Stainless & Alloy Products, Inc., established in 1994 and headquartered in Bridgeville, PA, manufactures and markets semi-finished and finished specialty steels, including stainless steel, nickel alloys, tool steel and certain other alloyed steels. The Company’s products are used in a variety of industries, including aerospace, energy, and heavy equipment manufacturing. More information is available at www.univstainless.com.
About Aperam
Aperam is a global player in stainless, electrical, specialty steel and recycling, with customers in over 40 countries. The business is organized in four primary operating segments: Stainless & Electrical Steel, Services & Solutions, Alloys & Specialties and Recycling & Renewables.
Aperam has a flat Stainless and Electrical steel capacity of 2.5 million tonnes in Brazil and Europe and is a leader in high value specialty products. In addition to its industrial network, spread over six production facilities in Brazil, Belgium, and France, Aperam has a highly integrated distribution, processing and services network and a unique capability to produce stainless and special steels from low-cost biomass (charcoal made from its own FSC-certified forestry). More information is available at www.aperam.com.
Cautionary Note Regarding Forward-Looking Statements
This press release contains forward-looking statements within the meaning of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements can be identified by words like “may,” “will,” “likely,” “should,” “expect,” “anticipate,” “future,” “plan,” “believe,” “intend,” “goal,” “seek,” “estimate,” “project,” “target,” “continue,” or variations of such words and similar expressions. These forward-looking statements are not guarantees of future performance and involve risks, assumptions, and uncertainties, including, but not limited to, risks related to Aperam’s ability to realize the anticipated benefits of the Acquisition and integrate Universal’s business; the effect of the Acquisition on Universal’s and Aperam’s business relationships, operating results and business generally; significant transaction costs and unknown liabilities; and litigation or regulatory actions related to the Acquisition. In addition, the risks to which Universal’s business is subject, including those risks set forth in Part I, Item 1A of the Company’s Annual Report on Form 10-K for the year ended December 31, 2023, filed with the SEC on March 29, 2024, and in Universal’s subsequent filings with the SEC, could adversely affect the Transactions. Should one or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those indicated or anticipated by these forward-looking statements. Therefore, you should not rely on any of these forward-looking statements. The forward-looking statements included in this communication are made only as of the date of this communication, and except as otherwise required by federal securities law, Universal does not assume any obligation nor does it intend to publicly update or revise any forward-looking statements to reflect new information, changed circumstances or unanticipated events.
CONTACTS:
Christopher M. Zimmer (412) 257-7604
President and Chief Executive Officer
John Arminas
General Counsel and Corporate Secretary (412) 220-3774