Halper Sadeh Investigates Mersana's Sale to Day One for Shareholder Rights Violations
Written by Emily J. Thompson, Senior Investment Analyst
Updated: Dec 17 2025
0mins
Should l Buy RYI?
Source: PRnewswire
- Legal Investigation Initiated: Halper Sadeh LLC is investigating Mersana Therapeutics, Inc.'s sale to Day One Biopharmaceuticals, Inc. for potential violations of federal securities laws and breaches of fiduciary duties, aiming to protect shareholder rights and ensure the legality of the transaction.
- Cidara Transaction Analysis: Cidara Therapeutics, Inc. is being sold to Merck for $221.50 per share in cash, raising concerns about shareholder rights, with Halper Sadeh LLC potentially seeking increased compensation and additional disclosures to ensure transparency in the deal.
- Merger Impact Assessment: Ryerson Holding Corporation's merger with Olympic Steel, Inc. will result in Ryerson shareholders owning approximately 63% of the combined entity, prompting Halper Sadeh LLC to evaluate the potential impacts of this transaction on shareholder rights to safeguard their interests.
- Shareholder Rights Protection: Halper Sadeh LLC offers no upfront legal fees for consultations, encouraging shareholders to reach out to discuss their legal rights and options, ensuring they receive appropriate compensation and disclosures in the transaction.
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Analyst Views on RYI
Wall Street analysts forecast RYI stock price to rise
1 Analyst Rating
0 Buy
1 Hold
0 Sell
Hold
Current: 23.900
Low
26.32
Averages
26.32
High
26.32
Current: 23.900
Low
26.32
Averages
26.32
High
26.32
About RYI
Ryerson Holding Corporation is a value-added processor and distributor of industrial metals, with operations in the United States, Canada, Mexico, and China. The Company carries a full line of carbon steel, stainless steel, alloy steels, and aluminum, and a limited line of nickel and red metals. These materials are stocked in a number of shapes, including coils, sheets, rounds, hexagons, square and flat bars, plates, structural, and tubing. The Company also provides a variety of processing services to meet its customers' needs. It also conducts metal processing and distribution operations in China. It has approximately 107 facilities in North America and four facilities in China. The Company offers various value-added processing and fabrication services, such as bending, beveling, blanking, blasting, burning, cutting-to length, drilling, embossing, flattening, forming, grinding, laser cutting, machining, notching, painting, perforating, polishing, punching, rolling, and sawing, others.
About the author
Emily J. Thompson
Emily J. Thompson, a Chartered Financial Analyst (CFA) with 12 years in investment research, graduated with honors from the Wharton School. Specializing in industrial and technology stocks, she provides in-depth analysis for Intellectia’s earnings and market brief reports.
Ryerson Holding Reports Q4 Earnings Miss
- Earnings Miss: Ryerson Holding reported a Q4 non-GAAP EPS of -$1.01, missing expectations by $0.36, indicating challenges in profitability that could undermine investor confidence.
- Stable Revenue Growth: Despite the earnings miss, Ryerson's revenue reached $1.10 billion, reflecting an 8.9% year-over-year increase, suggesting the company maintains a certain growth momentum in market demand, potentially laying the groundwork for future recovery.
- Dividend Declaration: The company announced a first-quarter 2026 dividend of $0.1875 per share, payable to shareholders of record as of March 5, 2026, aiming to enhance shareholder returns despite current financial performance challenges.
- Market Reaction Outlook: Given the earnings miss, the market may react negatively to Ryerson's stock price, prompting investors to closely monitor upcoming quarterly performance improvements and strategic adjustments.
See More
Ryerson Successfully Completes Merger with Olympic Steel
- Merger Completion: Ryerson successfully completed its merger with Olympic Steel on February 13, 2026, anticipating approximately $120 million in annual run-rate synergies by 2028 through procurement scale and efficiency gains, thereby enhancing market competitiveness.
- Financial Performance: In Q4 2025, Ryerson reported net sales of $1.104 billion, a 9.7% year-over-year increase, although gross margin declined to 15.3% due to soft demand, reflecting challenges in the market environment.
- Credit Facility Expansion: Following the merger, Ryerson expanded its revolving credit facility from $1.3 billion to $1.8 billion, ensuring financial flexibility for operations and potential acquisitions, supporting future growth initiatives.
- Cash Flow Management: Ryerson generated $112.7 million in cash from operating activities in Q4 2025, a significant improvement over the third quarter, demonstrating effective management of seasonal working capital release.
See More
Ryerson Holding Corporation Q4 2025 Earnings Call Insights
- Merger Synergies: Ryerson Holding Corporation anticipates achieving $120 million in annual run rate synergies post-merger with Olympic Steel, with management expressing high confidence in realizing these benefits within two years, thereby enhancing operational efficiency and market competitiveness.
- Sales Performance Review: The company reported net sales of $1.1 billion for Q4 2025, reflecting a 5% sequential decline but a 9.7% year-over-year increase, indicating a gradual recovery in market demand supported by improved pricing and shipment volumes, which bolsters confidence for future growth.
- Future Outlook: Ryerson expects Q1 2026 shipment volumes to rise by 13% to 15% compared to Q4 2025, with same-store revenues projected between $1.26 billion and $1.3 billion, showcasing the company's positive performance and growth potential amid market recovery.
- Capital Expenditure Plans: Anticipated capital expenditures for 2026 are set at $50 million, with Olympic Steel included, totaling $75 million, indicating the company's commitment to investing in operational capabilities and market share during the integration process.
See More
Ryerson Holding Declares Quarterly Dividend of $0.1875
- Dividend Declaration: Ryerson Holding has declared a quarterly dividend of $0.1875 per share, consistent with previous distributions, indicating the company's stable cash flow and profitability.
- Yield Information: The forward yield of 3.14% provides investors with a relatively attractive return, reflecting the company's competitiveness in the current market environment.
- Payment Schedule: The dividend will be payable on March 19, with a record date of March 5 and an ex-dividend date also on March 5, ensuring shareholders receive their earnings promptly.
- Investor Interest: Ryerson Holding's dividend performance aligns with its historical earnings data and quantitative ratings, attracting attention from income-seeking investors and further solidifying its position in the market.
See More
Ryerson and Olympic Steel Successfully Merge
- Merger Completion: Ryerson Holding Corporation and Olympic Steel have successfully merged, with Ryerson issuing 1.7105 shares for each Olympic Steel share, resulting in former Olympic shareholders holding approximately 37% of Ryerson, thereby enhancing Ryerson's market position as the second-largest metals service center in North America.
- Expected Synergies: The merger is projected to generate approximately $120 million in annual synergies by 2028, primarily through procurement, scale, efficiency gains, and commercial portfolio optimization, significantly improving the company's profitability and competitive edge in the market.
- Executive Appointments: Post-merger, Eddie Lehner remains as CEO of Ryerson, while former Olympic Steel CEO Richard T. Marabito has been appointed as President and COO of Ryerson, ensuring continuity in leadership and effective strategic execution.
- Enhanced Shareholder Value: The merger is expected to enhance shareholder value, with Ryerson anticipating improved earnings quality, strong free cash flow, and an improved leverage profile, all contributing to a stronger position within the industry.
See More
Ryerson and Olympic Steel Merger Approved by Shareholders
- Merger Approval: Ryerson Holding Corporation and Olympic Steel, Inc. received shareholder approval at their respective special meetings, marking a critical step towards their merger, which is expected to close on February 13, 2026, further solidifying Ryerson's leadership in the industrial metals market.
- Stock Trading Changes: Following the merger, Olympic Steel's shares will cease trading on February 13, 2026, indicating a significant impact on market structure and suggesting that Ryerson will expand its market share and product offerings.
- Shareholder Benefits: Under the merger agreement, Olympic Steel shareholders will receive 1.7105 shares of Ryerson common stock for each share of Olympic Steel, which is expected to enhance long-term shareholder value and boost investor confidence.
- Market Integration Outlook: This merger is poised to optimize resource allocation between the two companies and may yield synergies that improve operational efficiency, thereby enhancing competitive strength in the highly competitive metals distribution industry.
See More
Ryerson Holding Reports Q4 Earnings Miss
- Earnings Miss: Ryerson Holding reported a Q4 non-GAAP EPS of -$1.01, missing expectations by $0.36, indicating challenges in profitability that could undermine investor confidence.
- Stable Revenue Growth: Despite the earnings miss, Ryerson's revenue reached $1.10 billion, reflecting an 8.9% year-over-year increase, suggesting the company maintains a certain growth momentum in market demand, potentially laying the groundwork for future recovery.
- Dividend Declaration: The company announced a first-quarter 2026 dividend of $0.1875 per share, payable to shareholders of record as of March 5, 2026, aiming to enhance shareholder returns despite current financial performance challenges.
- Market Reaction Outlook: Given the earnings miss, the market may react negatively to Ryerson's stock price, prompting investors to closely monitor upcoming quarterly performance improvements and strategic adjustments.
See More
Ryerson Successfully Completes Merger with Olympic Steel
- Merger Completion: Ryerson successfully completed its merger with Olympic Steel on February 13, 2026, anticipating approximately $120 million in annual run-rate synergies by 2028 through procurement scale and efficiency gains, thereby enhancing market competitiveness.
- Financial Performance: In Q4 2025, Ryerson reported net sales of $1.104 billion, a 9.7% year-over-year increase, although gross margin declined to 15.3% due to soft demand, reflecting challenges in the market environment.
- Credit Facility Expansion: Following the merger, Ryerson expanded its revolving credit facility from $1.3 billion to $1.8 billion, ensuring financial flexibility for operations and potential acquisitions, supporting future growth initiatives.
- Cash Flow Management: Ryerson generated $112.7 million in cash from operating activities in Q4 2025, a significant improvement over the third quarter, demonstrating effective management of seasonal working capital release.
See More
Ryerson Holding Corporation Q4 2025 Earnings Call Insights
- Merger Synergies: Ryerson Holding Corporation anticipates achieving $120 million in annual run rate synergies post-merger with Olympic Steel, with management expressing high confidence in realizing these benefits within two years, thereby enhancing operational efficiency and market competitiveness.
- Sales Performance Review: The company reported net sales of $1.1 billion for Q4 2025, reflecting a 5% sequential decline but a 9.7% year-over-year increase, indicating a gradual recovery in market demand supported by improved pricing and shipment volumes, which bolsters confidence for future growth.
- Future Outlook: Ryerson expects Q1 2026 shipment volumes to rise by 13% to 15% compared to Q4 2025, with same-store revenues projected between $1.26 billion and $1.3 billion, showcasing the company's positive performance and growth potential amid market recovery.
- Capital Expenditure Plans: Anticipated capital expenditures for 2026 are set at $50 million, with Olympic Steel included, totaling $75 million, indicating the company's commitment to investing in operational capabilities and market share during the integration process.
See More
Ryerson Holding Declares Quarterly Dividend of $0.1875
- Dividend Declaration: Ryerson Holding has declared a quarterly dividend of $0.1875 per share, consistent with previous distributions, indicating the company's stable cash flow and profitability.
- Yield Information: The forward yield of 3.14% provides investors with a relatively attractive return, reflecting the company's competitiveness in the current market environment.
- Payment Schedule: The dividend will be payable on March 19, with a record date of March 5 and an ex-dividend date also on March 5, ensuring shareholders receive their earnings promptly.
- Investor Interest: Ryerson Holding's dividend performance aligns with its historical earnings data and quantitative ratings, attracting attention from income-seeking investors and further solidifying its position in the market.
See More
Ryerson and Olympic Steel Successfully Merge
- Merger Completion: Ryerson Holding Corporation and Olympic Steel have successfully merged, with Ryerson issuing 1.7105 shares for each Olympic Steel share, resulting in former Olympic shareholders holding approximately 37% of Ryerson, thereby enhancing Ryerson's market position as the second-largest metals service center in North America.
- Expected Synergies: The merger is projected to generate approximately $120 million in annual synergies by 2028, primarily through procurement, scale, efficiency gains, and commercial portfolio optimization, significantly improving the company's profitability and competitive edge in the market.
- Executive Appointments: Post-merger, Eddie Lehner remains as CEO of Ryerson, while former Olympic Steel CEO Richard T. Marabito has been appointed as President and COO of Ryerson, ensuring continuity in leadership and effective strategic execution.
- Enhanced Shareholder Value: The merger is expected to enhance shareholder value, with Ryerson anticipating improved earnings quality, strong free cash flow, and an improved leverage profile, all contributing to a stronger position within the industry.
See More
Ryerson and Olympic Steel Merger Approved by Shareholders
- Merger Approval: Ryerson Holding Corporation and Olympic Steel, Inc. received shareholder approval at their respective special meetings, marking a critical step towards their merger, which is expected to close on February 13, 2026, further solidifying Ryerson's leadership in the industrial metals market.
- Stock Trading Changes: Following the merger, Olympic Steel's shares will cease trading on February 13, 2026, indicating a significant impact on market structure and suggesting that Ryerson will expand its market share and product offerings.
- Shareholder Benefits: Under the merger agreement, Olympic Steel shareholders will receive 1.7105 shares of Ryerson common stock for each share of Olympic Steel, which is expected to enhance long-term shareholder value and boost investor confidence.
- Market Integration Outlook: This merger is poised to optimize resource allocation between the two companies and may yield synergies that improve operational efficiency, thereby enhancing competitive strength in the highly competitive metals distribution industry.
See More
