Alcoa and Howmet Enter Into Merger Agreement.Business Editors PITTSBURGH--(BUSINESS WIRE)--June 2, 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 the signing of a definitive agreement with Howmet International Inc. (NYSE:HWM HWM abbr. high-water mark ) Under the merger agreement, which was approved by the Independent Directors Committee of the Howmet Board of Directors, Alcoa is offering to purchase all the publicly held Howmet shares for $21 per share in cash. Yesterday, Alcoa increased the offer price of its tender offer for all the publicly held Howmet shares to $21 per share in cash. The Howmet tender offer has been extended and is currently scheduled to expire expire /ex·pire/ (ek-spi´er) 1. to exhale. 2. to die. ex·pire v. 1. To breathe one's last breath; die. 2. To exhale. at 12:00 Midnight on Wednesday, June 14, 2000, Eastern Daylight Savings Time. Alcoa 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 also said it is mailing a supplement to its Offer to Purchase, dated April 18, 2000 along with an amendment to Howmet's Schedule 14D-9 to Howmet shareholders promptly. 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) |
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