Pritzker buys TMS for $687m

City A.M. Reporter
THE billionaire Pritzker family will buy scrap mill servicing company TMS International for about $687m (£440.5m) in cash, it said yesterday.

The offer of $17.50 from the Pritzker Organization represents a premium of about 12 per cent to TMS’s Friday close of $15.57. Including debt, the deal is valued at about $1bn.

The Pritzker Organization is a merchant bank run by certain members of Chicago’s Pritzker family, which controls Hyatt Hotels, Triton Container and the Marmon Group. TMS, controlled by Canada's Onex Group, helps steel mills buy and sell scrap and manage slag, a by-product of the steel making process.