It has been reported that Metals USA Inc. has offered an undetermined amount of cash and stock to buy Ryerson Inc. in a deal that would include an initial public offering of Metals USA. However, the story, which cited unnamed sources, has not been confirmed by either company.
Both Ryerson and Apollo Group - the private equity group which owns Metals USA - have declined to comment on the story, reported Monday by Crain's Chicago Business.
Ryerson, a leading North American metals distributor and processor, said in March that it was exploring strategic alternatives, including a sale, due to pressure from its largest shareholder, Harbinger Capital Partners, which has accused the company of mismanagement.