News Summary: Reliance buying Metals USA
(AP) - STEEL DEAL: Reliance Steel & Aluminum Co. is buying Metals USA Holdings Corp. for about $766.1 million. Reliance will pay $20.65 per Metals USA share. That's a 13 percent premium to Tuesday's closing price of $18.30.
GO SHOP: The agreement includes a 30-day "go-shop" period that allows Metals USA to seek alternative bids from third parties. If Metals USA terminates its deal with Reliance to accept a third-party offer, Reliance will get an undisclosed breakup fee.
DEAL SEAL: The deal is expected to close in the second quarter. It still needs Metals USA shareholder approval.
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