Ryerson clears waiting period hurdle in Platinum Equity merger

By Lisa Kerner

Charlotte, N.C., Sept. 7 - The Hart-Scott-Rodino waiting period ended Sept. 4 in the proposed merger of Ryerson Inc. and an affiliate of Platinum Equity LLC.

In addition, Platinum is seeking an advance ruling certificate from the Commissioner of Competition in Canada that would exempt the transaction from the pre-merger notification obligations.

The transaction remains subject to Ryerson shareholder approval and is expected to close in the fourth quarter, according to a company news release.

It was previously reported that on July 24, Ryerson agreed to be acquired by Platinum in a $2 billion transaction that will take the company private. Under the companies' 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 per share in cash.

Ryerson is a Chicago-based metal processor.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.