According to a press release, metal service center Central Steel & Wire will close its pending sale to Ryerson Holding Corporation during the third quarter of 2018, subject to regulatory approval.
The transaction values Central Steel & Wire at an enterprise value of $140,000,000 on a cash-free, debt-free basis with a normalized level of working capital.
Completion of the transaction has been approved by the board of directors of both companies and following Central Steel & Wire's entry into the merger agreement, Central Steel & Wire shareholders holding approximately 73 percent of Central Steel & Wire's issued and outstanding voting shares executed a written consent approving the merger agreement and the transaction.