Ryerson Acquisition Passes U.S. Antitrust Waiting Period
09/10/2007 - Ryerson passes the waiting period required under the Hart-Scott-Rodino Antitrust Improvements Act of 1976 for its proposed merger with an affiliate of Platinum Equity LLC.
Ryerson Inc. has passed the waiting period required under the Hart-Scott-Rodino Antitrust Improvements Act of 1976 (HSR Act) for its proposed merger with an affiliate of Platinum Equity LLC.
Expiration of the Hart-Scott-Rodino waiting period completes the transaction’s pre-closing U.S. antitrust review process. However, the transaction is also subject to pre-merger notification under the Competition Act (Canada).
The company is in the process of seeking an advance ruling certificate from the Commissioner of Competition that would exempt the transaction from its pre-merger notification obligations. The parties also intend to seek from the Commissioner a "no-action" letter and a waiver of the parties' obligation to notify the Commissioner in respect of the transaction.
The transaction is also subject to the approval of Ryerson's stockholders and other customary closing conditions. It is expected to be completed in the fourth quarter of 2007.
Ryerson Inc. is a leading distributor and processor of metals in North America, with 2006 revenues of $5.9 billion. The company services customers through a network of service centers across the United States and in Canada, Mexico, India, and China.
