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Radius Recycling, Inc. (NASDAQ:RDUS), whose stock is currently trading near its 52-week high after surging over 105% in the past six months, announced Monday that it and Toyota (NYSE:TM) Tsusho America, Inc. have received approval from the Committee on Foreign Investment in the United States (CFIUS) for their planned merger. The approval was granted on July 3.
According to a statement in the SEC filing, all required regulatory approvals for the merger have now been obtained. The transaction involves Radius Recycling, currently valued at $840 million with a "GOOD" financial health score according to InvestingPro, merging with a wholly owned subsidiary of Toyota Tsusho America, with Radius Recycling continuing as the surviving corporation and becoming a wholly owned subsidiary of Toyota Tsusho America.
The companies had previously submitted a joint voluntary notice to CFIUS under Section 721 of the Defense Production Act of 1950 in connection with the merger.
The closing of the merger is expected to take place on July 10, subject to the satisfaction or waiver of the remaining customary closing conditions detailed in the merger agreement.
This information is based on a statement in a press release filed with the Securities and Exchange Commission.
In other recent news, Radius Recycling, previously known as Schnitzer Steel Industries, has achieved a significant milestone in its proposed merger with TAI Merger Corporation, a subsidiary of Toyota Tsusho America. The company announced that it received early termination of the waiting period under the Hart-Scott-Rodino Antitrust Improvements Act, effective May 12, 2025. This development clears a major regulatory hurdle for the merger, which is expected to be finalized in the second half of 2025. The merger will result in Radius Recycling becoming a wholly-owned subsidiary of Toyota Tsusho America. However, the transaction still requires approval from Radius shareholders and additional regulatory clearances. This merger was initially announced on March 13, 2025, and is part of the company’s strategic efforts to enhance its operations. The company’s management has noted that the communication contains forward-looking statements and cautioned about potential risks and uncertainties. Radius Recycling’s stock is traded on The Nasdaq Stock Market.
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