06:01 AM EDT, 10/17/2024 (MT Newswires) -- Universal Stainless & Alloy Products ( USAP ) said Thursday it signed an agreement to be acquired by Aperam in an all-cash transaction, with Aperam offering $45 in cash for each outstanding Universal share.

The company said the offer price represents about 19% premium to Universal's three-month volume-weighted average stock price as of Wednesday.

The boards of both companies approved the transaction, which is expected to close in Q1 2025, subject to customary closing conditions.

Following closing, Universal said it will become a unit of Aperam and its shares will cease trading on Nasdaq.

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