Reliance Steel Acquisition Hits Key Milestones

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Reliance Steel & Aluminum Co.’s acquisition of Metals USA Holdings Corp. moved forward Monday, with Metals USA announcing that no competing bids had emerged and anti-trust regulators did not planning to block the $766 million deal.

The agreement between Los-Angeles based Reliance, North America’s largest operator of metals service centers, and competitor Metals USA of Fort Lauderdale, Fla., included a 30-day “go-shop” period that ended March 1. Metals USA said it solicited 67 potential financial and strategic acquirers, none of which indicated an interest in making a bid. No other parties came forward with an offer.

In addition, the Federal Trade Commission said it would allow the deal to move forward.

Metals USA shareholders are scheduled to vote April 10on the deal, which is expected to close in the second quarter.

Shares of Reliance closed up 13 cents, or less than 1 percent, to $67.39 on the New York Stock Exchange.

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