Empire Resources, Inc. (ERS)

Empire Resources was a distributor of semi-finished aluminum and steel products based in Fort Lee, New Jersey. It bought metal such as aluminum sheet, coil and plate from mills around the world and resold it to manufacturers in North America. Its customers included makers of building products, transportation equipment and consumer goods. The company held inventory in warehouses and used hedging to manage swings in metal prices. It financed much of its trading through a revolving credit facility.

The company had a long history as a small public company, and its shares traded on NASDAQ under the symbol ERS in its final years. Its results depended heavily on aluminum prices, import trade rules and demand from industrial customers. Insiders owned a large stake, which gave management significant influence over strategy. The business was steady but low-margin, as is common for metal distribution.

On March 30, 2017 Empire agreed to be acquired by Ta Chen Stainless Pipe Co., a Taiwan-listed steel and pipe producer with a large U.S. distribution operation based in Long Beach, California. Ta Chen launched a cash tender offer of $7.00 per share on April 7, 2017. The offer was completed on May 5, 2017, and a merger of a Ta Chen subsidiary into Empire followed shortly after. Empire then asked NASDAQ to suspend trading and filed to delist.

With about 8.25 million shares outstanding, the deal valued Empire's equity at roughly $58 million. After the merger Empire became a wholly owned part of Ta Chen's North American metals business. Former ERS holders received cash, and no U.S.-listed successor security was issued.