02:05 PM EDT, 07/12/2024 (MT Newswires) -- Quanex Building Products ( NX ) said Friday that both its shareholders and Tyman's shareholders have approved Quanex's proposed acquisition of Tyman.

Under the terms, Tyman shareholders will receive either a combination of 240 pence ($3.12) in cash and 0.05715 shares of Quanex for each share they hold, or a capped all-share option of 0.14288 shares of Quanex stock per Tyman share, according to Quanex.

Tyman investors will also receive a special dividend of 15 pence in cash at closing, after which they will own between 30% and 32% of Quanex.

Quanex said the acquisition is expected to close in August.

Quanex shares were 2.5% up in recent trading.

Price: 28.16, Change: +0.68, Percent Change: +2.47