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ATEK METALS CENTER, INC. ANNOUNCES PLAN FOR SALE OF COMPANY

 CINCINNATI, May 13 /PRNewswire/ -- Atek Metals Center, Inc. (NASDAQ/NMS: ATKM) announced today that its board of directors had approved in principle a recommendation from its Special Committee, previously appointed to receive and review any recommendations or proposals that may be made to enhance shareholder value, to accept a proposal from an affiliate of Rolled Alloys, Inc., a privately-held distributor of heat and corrosion-resistant alloys, pursuant to which it would be merged into Atek and each share of Atek's common stock would be converted into a right to receive $4.51 per share in cash. Atek presently has issued and outstanding 3,730,231 common shares.
 This proposal also provides that upon the effectiveness of the merger the 2,000 shares of Atek's convertible preferred stock, at the option of the holders thereof, will be acquired for cash at their aggregate stated value of $2,000,000.
 The Special Committee has received an opinion from The Ohio Company, an investment banking firm engaged by it to assist it in evaluating proposals, that from a financial point of view the foregoing transaction is fair to Atek shareholders.
 Consummation of the transaction is contingent upon a number of matters including, without limitation, approval, execution and delivery of an agreement providing for the merger, adoption of the proposed merger by Atek's shareholders, and compliance with the Hart-Scott-Rodino Act.
 It is contemplated that if the conditions are met, the transaction should close in the latter part of August, 1993.
 Atek provides high performance materials and manufacturing services worldwide to the aircraft engine segment of the aerospace industry and to the petrochemical segment of the chemical process industry.
 -0- 5/13/93
 /CONTACT: Barry F. Bucher, president and CEO, Atek Metals Center, Inc., 513-874-3490/
 (ATKM)


CO: Atek Metals Center, Inc. ST: Ohio IN: MNG SU:

BM -- CL011 -- 8047 05/13/93 11:12 EDT
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Publication:PR Newswire
Date:May 13, 1993
Words:309
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