RPT-UPDATE 2-Quanex to spin off unit, be acquired; stock soars


(Repeating to additional subscribers) (Adds stock action) BOSTON, Nov 19 (Reuters) - Quanex Corp said on Monday its board has approved the spin-off of its building products business and the sale of its remaining auto parts business to a unit of Gerdau SA . Its shares soared more than 40 percent on the news. Quanex, after the spin-off, would be acquired by Brazil's Gerdau for $39.20 per share in cash. The sale price indicates a total enterprise value of about $1.673 billion for the ...

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