, the second-largest producer of structural steel beams in North America, struck a deal to be acquired by
( GNA) for $86 a share, or $4.22 billion.
The agreement was unanimously approved by the boards of both companies.
Shares of Chaparral were rising 10.3% to $83.52 in premarket trading Wednesday. The companies expect to close the deal later this year.
Gerdau Ameristeel is the No. 2 mini-mill steel producer in North America.