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updated: 8/26/2013 7:21 AM

Pritzker family buying TMS in $1B deal

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Associated Press

PITTSBURGH -- TMS International is selling itself to members of the Pritzker family in a cash deal it valued at about $1 billion including refinanced third-party debt.

Pittsburgh-based TMS provides industrial services to steel mills. The Pritzker family, one of America's wealthiest, operates a global industrial conglomerate and founded the Hyatt chain of hotels.

TMS stockholders will get $17.50 in cash for each share of their TMS Class A and Class B common stock. The price represents a 12 percent premium over the company's Friday closing stock price.

TMS says the deal boosts returns for its shareholders and positions it to expand its globally as a privately held company.

The deal has been approved by TMS' board and is expected to close in the fourth quarter.

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