Ryerson's acquisition by Platinum Equity set to close Friday following shareholder approval

By Lisa Kerner

Charlotte, N.C., Oct. 17 - Ryerson Inc. stockholders approved the company's acquisition by affiliates of Platinum Equity, LLC at a special meeting on Wednesday.

The company also received clearance from the Canadian Competition Bureau for the transaction, which is now expected to close on or about Friday.

Ryerson will become a wholly owned subsidiary of Platinum Equity affiliate Rhombus Holding Corp., and its common stock will cease trading on the New York Stock Exchange as early as Thursday, according to a company news release.

On July 24, Ryerson agreed to be acquired by Platinum Equity in a $2 billion transaction that will take the company private. Under the companies' previously reported definitive agreement, an affiliate of the Beverly Hills, Calif.-based private equity firm will acquire all of the outstanding shares of Ryerson common and convertible preferred stock for $34.50 each.

Ryerson is a Chicago-based metal processor.

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