TMS International Corp. (NYSE:TMS) is acquired by Pritzker Organization

by Sean Patterson | Tuesday, Aug 27, 2013 | 1203 views

Northern, WI 08/27/2013 (usastockreport) – It had recently been announced that Pritzker Organization would acquire TMS International Corp. (NYSE:TMS) for an aggregate value of $1 billion. This definitive merger agreement had been announced by the Pritzker Organization, under which the company would be acquired by certain family members of Pritzker. The shareholders of TMS would receive $17.50 in cash for every share of class A common stock and class B common stock of the company.

It is worth noting that TMS International Corp. (NYSE:TMS) had recently emerged as the largest player in providing outsourced industrial services to the steel mills located in North America. The company primarily operates through its subsidiaries and holds substantial presence in many other international markets as well. The company is primarily involved in providing mill services to customer sites at 81 locations across 12 countries and further operates around 36 brokerage offices through which the company buys and sells the required raw materials across five continents of the globe.

The CEO and President of TMS International Corp. (NYSE:TMS), Raymond Kalouche commented that the company has been able to build up world class provision of industrial outsourcing services to meet the client’s requirements through an effective partnership with Onex. He further added that the recent acquisition of the company by the Pritzker organization would prove highly effective in adding value to the shareholders of the company. It is expected that this transaction related to the proposed acquisition would be effectively completed by the fourth quarter of fiscal year 2013, after effectively completing all the related regulatory procedures. Further, Onex Corporation which is presently under partnership with TMS holding around 60% of the outstanding shares of the company had signed a written consent to adopt and accept the agreement.

Ryan & Maniskas, LLP is investigating the deal, and is investigating any violations or breaches of fiduciary duty.

Like it? Share it!

Leave A Response