Globe Specialty Metals, Inc. (NasdaqGS:GSM) entered into an asset purchase agreement to acquire substantially all of the assets of Becancour Silicon Inc. from Timminco Limited (TSX:TIM) for CAD 31.9 million on March 1, 2012. For consideration, Globe Specialty will pay CAD 20 million in cash and will assume the liabilities of Becancour. The consideration is subject to working capital adjustments. Globe Specialty Metals acted as a stalking horse bidder in the transaction. The deadline for the submission of non-binding expressions of interest is March 26, 2012. The transaction is subject to approval by the Ontario Canada Superior Court of Justice and is scheduled to close in June, 2012. The Ontario Superior Court of Justice approved the timeline and bidding procedures for Becancour Silicon's marketing process on March 13, 2012. As on April 26, 2012, Globe Specialty Metals has been announced as winning bidder. As on June 4, 2012, Judge Geoffrey B. Morawetz of the Ontario Superior Court of Justice approved the sale. Daphne MacKenzie of Stikeman Elliott LLP acted as legal advisor for Timminco. Nigel Meakin of FTI Consulting Canada Inc. acted as monitor for Timminco. Linc Rogers of Blake, Cassels & Graydon LLP acted as legal advisor for FTI Consulting. David Bish of Torys LLP acted as legal advisor for Globe Specialty. Deutsche Bank Securities Inc. acted as financial advisor to Globe Specialty Metals, Inc. Globe Specialty Metals, Inc. (NasdaqGS:GSM) completed the acquisition of substantially all of the assets of Becancour Silicon Inc. from Timminco Limited (TSX:TIM) on June 13, 2012. The transaction was financed using $0.03 million (CAD 0.03 million) from Globe Specialty Metals' new $0.3 million (CAD 0.3 million) revolving credit facility and $8.8 million (CAD 8.69 million) of cash. The currency conversion was done through www.oanda.com.