Alcoa Announces Final Proration Factor in its Tender Offer for Alumax.PITTSBURGH--(BUSINESS WIRE)--June 22, 1998--Alcoa (NYSE NYSE See: New York Stock Exchange :AA) announced today that it has been advised by its depositary, First Chicago Trust Company of New York New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of , that on a final basis 48,735,807 shares of common stock of Alumax Inc. (NYSE:AMX AMX American Motors Experimental AMX Aeromexico Aerovias de Mexico (ICAO code) AMX Air Mobility Express AMX Amberjacks (FAO fish species code) AMX Alabama Motor eXpress ) were validly tendered and not withdrawn on or prior to the 5:00 p.m., June 16 expiration date Expiration Date The day on which an options or futures contract is no longer valid and, therefore, ceases to exist. Notes: The expiration date for all listed stock options in the U.S. of Alcoa's $50 per share cash tender offer, resulting in a final proration Proration A situation during a corporate action in which the available cash or shares are not sufficient to satisfy the offers tendered by shareholders. Therefore, a proportion of both cash and shares is granted for each offer tendered. factor of 56.50875%. On June 16, Alcoa accepted for payment 27,540,000 shares of common stock of Alumax. This represents approximately 51% of the total outstanding Alumax shares. As previously announced, the tender offer will be followed by a merger in which the remaining outstanding shares of Alumax common stock will be converted into .6975 of a share of Alcoa common stock. The proposed merger is subject to the approval of a majority of Alumax stockholders at a special meeting in July.
CONTACT: Alcoa
Bonita A. Cersosimo, 412/553-4462
www.alcoa.com
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