India, March 14 -- Shares of Radius Recycling, Inc. (RDUS), were rising more than 100 percent in pre-market on Friday after the scrap recycling and steel manufacturing company announced its decision to be acquired by Toyota Tsusho America, Inc., a U.S. subsidiary of Toyota Tsusho Corporation, for an enterprise value, including debt, of $1.34 billion in cash.
The purchase price of $30 per share represents a premium of 115 percent to Radius' closing share price on March 12.
"We are excited to have reached this agreement with TTC, which builds on our longstanding relationship and provides us with increased opportunities for our talented team, broader products and services for our suppliers, customers and communities, and an expanded platform...