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Metals USA Holdings (MUSA) Leaped To A New High After Merger Announcement

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2/7/2013 7:50 AM ET

Metals USA Holdings (MUSA: Quote) announced Wednesday morning that it agreed to be acquired by Reliance Steel & Aluminum (RS: Quote) for $20.65 per share in cash, approximately $1.2 billion. The transaction is expected to close in the second quarter of 2013.

Metals USA gapped open sharply higher Wednesday, but traded in a narrow range throughout the session. The stock closed up by 2.35 at $20.65 on the highest volume of the year and set a new 52-week high.

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by RTT Staff Writer

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