News Summary: Reliance Buying Metals USA

By The Associated Press

STEEL DEAL: Reliance Steel & Aluminum Co. is buying Metals USA Holdings Corp. for about $766.1 million. Reliance will pay $20.65 per Metals USA share. That's a 13 percent premium to Tuesday's closing price of $18.30.

GO SHOP: The agreement includes a 30-day "go-shop" period that allows Metals USA to seek alternative bids from third parties. If Metals USA terminates its deal with Reliance to accept a third-party offer, Reliance will get an undisclosed breakup fee.

DEAL SEAL: The deal is expected to close in the second quarter. It still needs Metals USA shareholder approval.

Copyright 2011 Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

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