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Houston firm bids on Ryerson; Apollo's Metals USA emerges as contender; offer deadline passes.(News)
Crain's Chicago Business, April, 2007
Byline: BOB TITA A Houston steel distributor run by private-equity giant Apollo Management L.P. has entered a bid for Ryerson Inc. Metals USA Inc. is offering cash and stock in what would be a newly public company to take over 165-year-old Ryerson, say three sources with knowledge of the auction.
Ryerson shareholders would receive stock from an IPO of Metals USA that would be done in conjunction with the merger. The deadline for submitting bids for Chicago-based Ryerson was Friday, a source says. Bid amounts could not be learned, but industry observers expect offers of $44 to $46 a share, or roughly $1.2 billion. Ryerson's stock is up 63% since the beginning of the year on speculation the company would be sold. The shares closed Friday at $40.77....
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