Toronto-based scrap recycler Triple M Metal LP announced an offer to acquire the assets of Ontario-based Royal Laser Corp. for $43.5 million.
Royal Laser is a manufacturer of flat rolled steel for the automobile market, and it also custom fabricates products for the industrial, environmental, automotive and construction industries in Canada, the United States and Mexico. Additionally, the company owns and operates six supply and fabrication subsidiaries.
Royal Laser and Triple M intend to finalize and sign a definitive support agreement and lock-up agreements with Jaguar Financial Corp., and William Iannaci, which collectively own 32 percent of the company's outstanding common shares.
The takeover bid would require that Royal Laser sell its non-core assets, including Royal Laser Manufacturing, WAM Industries, Smokey Manufacturing, Thunder Tool and Envyrozone to a company controlled by William Iannaci, co-CEO of the company.