Ryerson going private via $2B buyout
Sep 01, 2007 | 12:15 PM
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Private equity firm Platinum Equity LP is preparing to make a big jump in its metals service center holdings with the addition of industry giant Ryerson Inc. to its portfolio, which for the past 18 months held the three service center companies in PNA Group Inc.
Beverly Hills, Calif.,-based Platinum Equity signed a deal to pay Ryerson's shareholders a bit more than $1 billion and take on close to $1 billion of the company's debt after an eight-month process set off by hedge fund Harbinger Capital Partners, which blamed Ryerson's board for low share valuation and launched a proxy challenge.
While describing the agreement as definitive, the deal could still fall apart if a better offer were to emerge. And the proxy challenge set for Ryerson's Aug. 23 annual meeting also was still playing out even after the merger agreement was signed at the end of July.....
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