Alcoa Completes Tender Offer for Alumax.PITTSBURGH--(BUSINESS WIRE)--June 17, 1998--Alcoa (NYSE NYSE See: New York Stock Exchange :AA) announced today that it accepted 27,540,000 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 ) for payment in connection with its $50 per share cash tender offer. This represents approximately 51% of the total outstanding Alumax shares. The tender offer expired at 5:00 p.m., EDT EDT abbr. Eastern Daylight Time EDT Eastern Daylight Time EDT n abbr (US) (= Eastern Daylight Time) → hora de verano de Nueva York EDT , yesterday. At that time, 48,735,112 shares had been tendered or guaranteed, resulting in a preliminary 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 56.51%. The final proration factor will be determined by a 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 ) within a few days. 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 by a majority of Alumax stockholders at a special meeting in late July. Proxy materials will be mailed to Alumax stockholders shortly.
CONTACT: Alcoa
Bonita A. Cersosimo, 412/553-4462
www.alcoa.com
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