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Reliance Steel to buy Metals USA Holdings for $766 mln
Feb 6 (Reuters) - Metals processor Reliance Steel & Aluminum Co will buy Metals USA Holdings Corp for $766 million.
The $20.65 per share cash offer represents a 13 percent premium to Metals USA's Tuesday close of $18.30 on the New York stock Exchange.
Metals USA, which had 37.1 million shares outstanding as of Nov. 1, is 53 percent owned by Apollo Global Management LLC .
The enterprise value of the deal was about $1.2 billion, the companies said.
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Comments (1)
bernardosteel wrote:
Reliance always does a good job with the companies it acquires.(beats being acquired by an investment group that knows nothing about the steel business!) Reliance knows to leave sales decisions at the local level and purchasing at the national level. The best news is for the Metals USA employees who are glad to be rid of the Brazilian Dictator!! Good Luck!
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