Reliance-Metals USA merger follows years of discussions

Feb 26, 2013 | 01:48 PM | Corinna Petry

Tags  Reliance Steel & Aluminum, David Hannah, Metals USA, Apollo Fund, M. Ali Rashid, merger talks, share price negotiations, corinna petry

CHICAGO — The proposed merger of Reliance Steel & Aluminum Co. and Metals USA Holdings Corp. came about after several years of discussions between Reliance chairman and chief executive officer David H. Hannah and Metals USA director M. Ali Rashid about service center industry dynamics.

Once they agreed it was a strong idea, the price was negotiated upward five times before the $1.2-billion—$20.65 per share—offer was accepted in February (, Feb. 6), according to background laid out in the preliminary proxy statement filed by Metals USA.....

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