Alcoa Increases Howmet Tender Offer Price to $21 Per Share.Business Editors PITTSBURGH--(BUSINESS WIRE)--June 1, 2000 Alcoa Alcoa U.S. company, the world's largest producer of aluminum. Established in Pittsburgh, Pa., in 1888, it adopted the name Aluminum Co. of America in 1907. Alcoa introduced aluminum foil in 1910 and found uses for aluminum in the emerging aviation and automobile industries. Inc. (NYSE NYSE See: New York Stock Exchange :AA) announced today that it reached an agreement in principle with the Independent Directors Committee of Howmet International Inc. with respect to Alcoa's previously announced proposed acquisition of all of the publicly held shares of Howmet. Under the agreement, which is subject to the execution of a definitive merger agreement and the approval of the Howmet Board of Directors, Alcoa will acquire all the publicly held Howmet shares for $21 per share in cash. Alcoa said it anticipates that a definitive merger agreement could be entered into as early as tomorrow. Alcoa said it increased the offer price of its pending cash tender offer for all of the publicly held Howmet shares to $21 in cash per share from $20 per share. Accordingly, Alcoa extended the expiration date Expiration Date The day on which an options or futures contract is no longer valid and, therefore, ceases to exist.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 the Howmet tender offer to 12:00 Midnight, Wednesday, June 14, 2000, Eastern Daylight Savings Time. Alcoa also said that there will be a subsequent offering period of at least three business days following the June 14 expiration EXPIRATION. Cessation; end. As, the expiration of, a lease, of a contract, or statute. 2. In general, the expiration of a contract puts an end to all the engagements of the parties, except to those which arise from the non- fulfillment of obligations created . Alcoa expects to mail a supplement to its Offer to Purchase, dated April 18, 2000, promptly following execution of a definitive agreement with Howmet. Alcoa also said an agreement in principle had been reached to settle all class action litigation An action brought in court to enforce a particular right. The act or process of bringing a lawsuit in and of itself; a judicial contest; any dispute. When a person begins a civil lawsuit, the person enters into a process called litigation. against the Howmet directors based on the increase in the deal price to $21 per share. As of the close of business on June 1, 2000, the number of shares of Howmet common stock that had been validly tendered was 732,892, including guaranteed deliveries. Alcoa (NYSE:AA) Howmet International Inc. (NYSE:HWM HWM abbr. high-water mark ) |
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