More Acquisitions PLC on Friday suspended its shares from trading due to a planned acquisition of Wiltshire, England-based steel distributor Megasteel Ltd., Morningstar reports.
The SPAC said Megasteel is valued at between GBP49.5 million to GBP63 million on completion of the acquisition. Consideration will involve the issue of between 2.2 billion to 2.8 billion new shares, at a price of 2.25 pence per share.
Megasteel is a distributor of high-quality steel for the prestressing and post-tensioning of concretes in the UK. Prestressed concrete is a critical building product used in the UK construction market. Read more.
