Falcone ‘steels’ away shares of Schuff International

It’s official: Phil Falcone has succeeded with his controversial tactic to take over a small but profitable steel-fabrication company on the cheap.

The hard-charging hedge-fund tycoon disclosed Monday that he has acquired more than 90 percent of Schuff International, whose construction projects have included the University of Phoenix Stadium and attractions at Walt Disney’s Epcot Center.

Under Delaware law, clearing that hurdle will allow Falcone to force remaining shareholders to sell their stock to him — a maneuver known as a “squeeze out.”

Falcone’s fund HC2 cleared the hurdle Oct. 29 through an “open-market transaction” that increased its stake in Schuff to 90.6 percent, the fund said in a Monday securities filing.

“We intend to execute a short-form merger as soon as practicable,” HC2 said in the filing. “Such short-form merger will increase our ownership of Schuff shares to 100%.”

That’s despite protests from some Schuff investors, who have complained that Falcone’s tender at $31.50 severely undervalued the firm.

Schuff shares, traded on the loosely regulated over-the-counter market, have frequently traded above the $31.50 mark in recent months, qualifying Falcon’s tender as a “takeunder.”

Some holdout shareholders still remain unhappy about the deal — so much so that a few s intend to ask a Delaware judge to determine the true value of the stock, a source familiar with the plans told The Post.

The holdouts may even allege that HC2 paid as much as $34 a share — more than the tender price — for a large block of the stock last week in order to get above the 90 percent threshold needed to make the deal final, this person said.

Falcone didn’t respond to requests for comment.