Pritzker family buying TMS in $1B deal

PITTSBURGH (AP) - TMS International Corp. said Monday that it's selling itself to members of the Pritzker family in a cash deal it valued at about $1 billion including refinanced third-party debt.

Pittsburgh-based TMS provides outsourced industrial services to steel mills. It operates 81 customer sites in 12 countries, along with 36 brokerage offices from which it buys and sells raw materials.

The Pritzker family, one of America's wealthiest, operates a global industrial conglomerate and founded the Hyatt chain of hotels.

TMS stockholders will get $17.50 in cash for each share of their TMS Class A and Class B common stock. The price represents a 12 percent premium over the company's Friday closing stock price.

TMS, which went public in 2011, said the deal boosts returns for its shareholders and positions it to expand globally as a privately held company.

The deal, which remains subject to anti-trust approval and other closing conditions, has been approved by TMS' board and is expected to close in the fourth quarter.


(Copyright 2013 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.)

Top Stories

  • The 'White' Word
    WWU's president defends his race-related comments to Dave Ross

  • Tax 'Em
    Dori Monson says he loathes new taxes, but this one needs to happen for bicyclists
ATTENTION COMMENTERS: We've changed our comments, but want to keep you in the conversation.
Please login below with your Facebook, Twitter, Google+ or Disqus account. Existing MyNorthwest account holders will need to create a new Disqus account or use one of the social logins provided below. Thank you.
comments powered by Disqus
Sign up for breaking news e-mail alerts from MyNorthwest.com
In the community
Do you know a student who stands out in the classroom, school and community?
Help make their dreams come true by nominating them for a $1,000 scholarship and a chance to earn a $10,000 Grand Prize. Brought to you by KIRO Radio and Comprehensive Wealth Management.

Do you know an exceptional citizen who has impacted and inspired others?
KIRO Radio and WSECU would like to recognize six oustanding citizens this year. Nominate them to be recognized and to receive a $2,000 charitable grant.