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Onex Corp Sells Remaining Stake in TMS International Corp

Monday, 26 Aug 2013 07:30am EDT 

Onex Corporation announced that TMS International Corp. (NYSE:TMS) has entered into a definitive merger agreement providing for its acquisition by an affiliate of The Pritzker Organization, LLC. Under the terms of this agreement, TMS shareholders, including Onex, will receive $17.50 per share in cash consideration at closing, which is expected to occur in the fourth quarter of 2013 and is subject to customary closing conditions. Onex and certain of its affiliates have provided a written consent that satisfies the requirements for stockholder approval. Under the proposed transaction, Onex and Onex Partners II (the 'Onex Group') will sell their remaining 23.4 million TMS shares, representing a 60% equity interest in the Company, for proceeds of $410 million. Onex' portion of these proceeds would be $172 million, including carried interest of $10 million. The Onex Group has invested $249 million in the Company since 2007. Following this sale, the Onex Group will have received total proceeds of $504 million, including proceeds from the company's earlier initial public offering and prior distributions. This would result in a gross multiple of capital invested of approximately 2 times. 

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21 Jul 2014