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Ryerson Shareholders Approve Merger Agreement
10/18/2007 - Ryerson stockholders approve Platinum Equity’s acquisition of Ryerson in a vote that took place during a special meeting of stockholders on Wednesday, Oct. 17.
Ryerson Inc. stockholders have voted to approve the merger agreement providing for Platinum Equity’s acquisition of Ryerson. The vote took place during a special meeting of stockholders that was held Wednesday, Oct. 17.
According to Ryerson, the proposed acquisition has now also been cleared by the Canadian Competition Bureau. The Canadian Competition Bureau's clearance was received on October 15, 2007.
Subject to the satisfaction or waiver of the remaining closing conditions, Ryerson expects the transaction to close on or about October 19, 2007. Upon closing of the transaction, Ryerson will become a wholly owned subsidiary of Rhombus Holding Corp., and the company's common stock will no longer be listed on the New York Stock Exchange. Rhombus Holding Corp. is owned by a private investment fund or funds affiliated with Platinum Equity, LLC.
In connection with the closing, Ryerson expects that its shares of common stock will cease trading on the New York Stock Exchange effective as of the close of the market on October 18, 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.
