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Gold/Mining/Energy : Metal Management Inc. MTLM

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From: Glenn Petersen	9/24/2007 1:35:09 PM
	of 71

Metal Management to be acquired By James P. Miller Tribune staff reporter 9:35 AM CDT, September 24, 2007 Metal Management Inc. disclosed Monday morning that the publicly traded Chicago scrap-metal concern has agreed to be acquired by Australia's Sims Group Ltd. for stock with an indicated current value of $57.65 a share, or $1.48 billion. Under terms of the agreement, Metal Management holders will receive 2.05 American Depositary Receipts, or ADR's, of Sims Group stock. The exchange ratio, the companies noted, reflects an 18.2 percent premium to Metal Management's Friday closing price of $48.86 That represents an indicated value to Metal Management stockholders of $57.65 a share, although the companies failed to provide an actual price in their press release. Based on 25.59 million diluted shares the Chicago steel-recycling concern recently reported as outstanding, the deal values Metal Management at $1.48 billion. jpmiller@tribune.com chicagotribune.com

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