Reliance Steel’s Largest Acquisition Nears CompletionThursday, April 11, 2013
Reliance Steel & Aluminum Co. acquisition target Metals USA Holdings Corp. on Thursday said that its shareholders had approved the $766 million deal by an overwhelming margin.
Metals USA of Fort Lauderdale, Fla. said that it expects the deal to be completed after the close of business on Friday. Regulators have signed off on the deal, and Los Angeles-based Reliance last week announced an expanded $2 billion loan and credit line package, part of which will be used for the acquisition.
Reliance Steel, the largest operator of metals service centers in North America, first announced the deal in February, saying that it would be the largest acquisition in its history. Metals USA said that 99.9 percent of votes cast, which represented 87 percent of its outstanding common shares, were voted in favor of the merger.
In Thursday trading on the New York Stock Exchange, Reliance shares close down $1.28, or 2 percent, to $68.28. Metals USA shares were unchanged at $20.64.