Radius Recycling (RDUS.US) accepts Toyota Tsusho's $30/share offer; shares soar over 100% after hours

Toyota Tsusho will acquire Radius Recycling (RDUS.US) for $30 per share in cash, sending Radius' shares up 110.3% after-hours on Thursday. The deal values the scrap metal and steel manufacturing company at about $1.34 billion, representing a 115% premium to its closing price on March 12. Radius said the acquisition will give it the ability to invest in its metal recycling platform, Pick-N-Pull auto recycling business, 3PR recycling services and solutions, and the continued development of Cascade's electric arc furnace and steel mill, and benefit from Toyota Tsusho's recycling technologies, which are designed to increase the recovery of ferrous and nonferrous metals and reduce materials going to landfills. Radius will continue to operate from its existing headquarters in Oregon, retaining its team, operations facilities, strategy and brand. The companies said the deal "joins two companies dedicated to driving the circular economy through increased recycling and waste reduction in industrial, manufacturing and retail sectors."