Sumitomo Corp to buy Edgen to expand distribution business
Oct 1 (Reuters) - Japan's Sumitomo Corp agreed to buy steel products maker Edgen Group Inc for about $520 million to expand its global distribution business.
The offer of $12 per share represents a premium of 58 percent to Edgen stock's Monday closing price of $7.60.
Edgen's shares were up 56 percent at $11.89 in Tuesday morning trading on the New York Stock Exchange.
Baton Rouge, Los Angeles-based Edgen distributes specialty steel products such as pipes and valves to the energy and infrastructure industry.