Pritzker family to buy TMS International for $687 million
(Reuters) - The billionaire Pritzker family will buy scrap mill servicing company TMS International Corp TMS.N for about $687 million in cash.
The offer of $17.50 from the Pritzker Organization represents a premium of about 12 percent to TMS's Friday close of $15.57. Including debt, the deal is valued at about $1 billion.
The Pritzker Organization is a merchant bank run by certain members of Chicago's Pritzker family, which controls Hyatt Hotels (H.N), Triton Container and the Marmon Group.
TMS, controlled by Canada's Onex Group, helps steel mills buy and sell scrap and manage slag, a by-product of the steel making process. It operates 36 brokerage offices across five continents.
Onex Group's affiliates, including Onex Corp (OCX.TO), hold about 60 percent of TMS.
BofA Merrill Lynch advised TMS on the deal, which is expected to close in the fourth quarter. Kaye Scholer LLP was its legal adviser.
Goldman, Sachs & Co and J.P. Morgan Securities LLC were financial advisers for the Pritzker Organization, while Latham & Watkins LLP acted as its legal adviser.
(Reporting by Bhaswati Mukhopadhyay and Swetha Gopinath in Bangalore; Editing by Saumyadeb Chakrabarty)
LONDON - Weaker stocks in parts of Europe were not enough to halt world shares on Monday, as upbeat Chinese trade data added to cautious optimism that the world's economy and markets can cope with a gradual withdrawal of U.S. stimulus.
SAN FRANCISCO - At Pinterest, the four-year-old online bulletin board service that is valued near $3.8 billion, some 70 percent of the users are female. But the company's board of directors is 100 percent male. | Video
BEIJING/HONG KONG - China reiterated its opposition on Thursday to a European Union plan to limit airline carbon dioxide emissions and called for talks to resolve the issue a day after its major airlines refused to pay any carbon costs under the new law.