03:46 PM EDT, 04/16/2024 (MT Newswires) -- Haynes International ( HAYN ) shareholders voted in favor of the proposed $970 million takeover deal by a subsidiary of Spanish steelmaker Acerinox, the company said in a regulatory filing Tuesday.

The resolution to accept North American Stainless' offer of $61 in cash for each Haynes share received roughly 10.6 million shares in favor at Tuesday's special meeting of shareholders.

As part of the transaction, Acerinox also agreed to invest additional $170 million in Haynes operations.

The deal is expected to close later this year, subject to regulatory approvals and other customary conditions.