Inland proposed acquiring J. M. Tull Industries.

The Chicago-based steel company is offering $19 a share for 5.1 million shares of the Norcross, Ga., company. The total price of the takeover would be about $97 million. The offer is contingent on at least 2.7 million shares being obtained in the tender offer. An Inland official said that, if the acquisition is completed, Tull will be merged with a newly created subsidiary called Insteel Acquisition Co.