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Reliance Steel & Aluminum Co.
RS and Metals USA Holdings Corp.
MUSA today announced a definitive merger agreement whereby Reliance
Steel & Aluminum Co. (“Reliance”) will acquire all outstanding shares of
Metals USA Holdings Corp. (“Metals USA”) for $20.65 per share in cash,
representing an enterprise value of approximately $1.2 billion. The
transaction is expected to close in the second quarter of 2013. Metals USA's
assets at December 31, 2012 and sales for the year then ended were
approximately $1.0 billion and $2.0 billion, respectively. Upon completion of
the acquisition, Reliance will have total assets of over $6.5 billion and
annual sales of over $10.0 billion.
The transaction has been unanimously approved by the respective Boards of
Directors of Reliance and Metals USA. The transaction is subject to approval
by Metals USA stockholders, along with the receipt of regulatory clearances
and the satisfaction of other customary closing conditions, and includes a
30-day “go-shop” period. David H. Hannah, Chairman and Chief Executive Officer
of Reliance, will continue as Chairman and Chief Executive Officer of the
combined company. Lourenco Goncalves, Chairman, President and Chief Executive
Officer of Metals USA will retire upon closing of the transaction.
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