Florida Steel Corp. reported that it has...

Florida Steel Corp. reported that it has accepted a sweetened cash and stock buyout offer from the company’s senior management worth an estimated $304 million. The Tampa, Fla., steelmaker said it entered into a definitive merger agreement with the investor group, organized as FLS Holdings Inc. and which includes Florida Steel Chairman Edward L. Flom and other members of senior management. The company said the group expects to launch a $50-a-share tender offer Thursday for about 85% of the company’s common stock.