Alcoa to Commence $20 Cash Tender Offer for Shares of Howmet International.Business Editors PITTSBURGH--(BUSINESS WIRE)--April 13, 2000 Alcoa Inc. (NYSE NYSE See: New York Stock Exchange :AA) said today it plans to commence a cash tender offer for all outstanding shares of Howmet International Inc. (NYSE:HWM HWM abbr. high-water mark ). The offer is part of Alcoa's announced acquisition of Cordant Technologies, Inc. (NYSE:CDD CDD Contrat A Duree Determinee (French: Fixed Term Contract) CDD Community Development Department CDD Cooling Degree Days (weather derivatives / insurance index converting temperature into prices) ), which owns 84.7% of Howmet. Alcoa's offer to Howmet shareholders is conditioned upon completion of Alcoa's pending tender offer for Cordant and the valid tender of a majority of the outstanding Howmet shares not owned by Cordant. The price being offered in the Howmet tender offer is $20.00 per share. If the Howmet tender offer conditions are satisfied and Alcoa purchases Howmet shares, it will complete the Howmet acquisition with a merger in which all remaining outstanding Howmet shares not owned by Cordant would also receive $20.00 per share. Separately, Alcoa said that Cordant and Alcoa submitted the required antitrust notification to the European Community European Community: see European Union. European Community (EC) Organization formed in 1967 with the merger of the European Economic Community, European Coal and Steel Community, and European Atomic Energy Community. on April 11, 2000. Alcoa's acquisition of Cordant cleared U.S. antitrust review with the expiration of the Hart-Scott-Rodino Act Hart-Scott-Rodino Act Often used in risk arbitrage. Antitrust act administered by U.S. Department of Justice and the FTC that requires an investor to file a form with the government before he acquires an economic interest in the lesser amount of $15 million or 15% of the waiting period on April 5. No separate antitrust filing is required in either jurisdiction for the Howmet tender offer. Investors and security holders are strongly advised to read the tender offer statement regarding the tender offer referred to in this press release, when it becomes available because it will contain important information. The tender offer statement will be filed by Alcoa with the Securities and Exchange Commission (SEC). Investors and security holders may obtain a free copy of the statement (when available) at www.sec.gov. The tender offer and related materials may be obtained for free by directing such requests to Alcoa Investor Relations Investor relations The process by which the corporation communicates with its investors. . |
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