Friedman Industries Inc said shareholders at a special meeting held for a vote on its proposed merger into companies controlled by Venezuelan businessman John Castellvi failed to provide a high enough affirmative vote for approval. It said about 75 pct of the shares entitled to vote at the meeting were voted in favor but an 80 pct vote was needed. The company said a significant number of shares held in street name were not voted. As a result it said it adjourned the meeting until April 28 and if the merger is approved closing is expected late next week.
FRIEDMAN INDUSTRIES <FRD> MERGER NOT APPROVED