TMS International Corp. To Be Acquired in $1 Billion Deal

By on August 29, 2013
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TMS International Corp.  announced in an August 26, 2013, press release that it has agreed to be acquired by The Pritzker Organization, LLC in an all-cash transaction valued at approximately $1 billion.    Under the terms of the agreement, TMS stockholders will receive $17.50 in cash for each share of TMS Class A common stock and Class B common stock.   The offer price represents a premium of 12.40% based on TMS’s closing price on August 23, 2013 and a premium of 2% to the 52 week high established on July 25, 2013.

Several analysts set target prices above the $17.50 merger price.  As recently as August 1, 2013, an analyst from Sidoti & Company, LLC set a target price of $22.00 per share, and an analyst from Raymond James set a target price of $19.00. In addition, analysts from RBC Capital Markets and KeyBanc Capital Markets both set a target price of $18.00 on August 1, 2013.

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