Radius Recycling agreed to be bought by a U.S. unit of Toyota Tsusho for more than double its Thursday closing price. Shares were up 109%, to $28.52, after hours following news of the $30-a-share deal. Radius closed down 2.3%, to $13.66, The implied total enterprise value of the deal, including net debt, is about $1.34 billion, the companies said.

(Reuters) -Recycled metal products maker Radius Recycling said on Thursday it had entered into a definitive merger agreement with Toyota Tsusho America, a U.S. subsidiary of Japanese trading house Toyota Tsusho Corp (TTC).

Radius Recycling Shareholders to Receive $30.00 in Cash Per Share, Delivering Significant ValueTTC’s Investments to Accelerate Radius Recycling’s

Radius Recycling agreed to be sold to a U.S. unit of Toyota Tsusho for more than double its latest closing share price. The deal is worth $30 a share. Radius closed down 2.3% to $13.66 on Thursday. Trading in the stock was halted at one point due to pending news.