Asarco Notifies Phelps Dodge of Intention to Accept New Grupo Mexico $29.75 Per Share Offer.NEW YORK--(BUSINESS WIRE)--Oct. 15, 1999-- ASARCO ASARCO American Smelting and Refining Company Incorporated (NYSE NYSE See: New York Stock Exchange : AR) announced today that its Board of Directors met to consider the terms and conditions of a newly increased $29.75 per share cash merger proposal from Grupo Mexico, S.A. de C.V. The transaction contemplated by the proposed merger agreement would be a $29.75 per share cash tender offer for all of the outstanding shares of Asarco common stock, followed by a merger. At the meeting, the Board of Directors authorized au·thor·ize tr.v. au·thor·ized, au·thor·iz·ing, au·thor·iz·es 1. To grant authority or power to. 2. To give permission for; sanction: Asarco's management to notify Phelps Dodge Phelps Dodge Corporation is a former United States company founded in 1834 by Anson Greene Phelps and William E. Dodge. On March 19, 2007, it was acquired by Freeport-McMoRan and now operates under the name Freeport-McMoRan Copper & Gold Inc. Corporation (NYSE: PD), in accordance with the terms of Asarco's current merger agreement with Phelps Dodge, that Asarco is prepared to accept the Grupo Mexico proposal and that it intends to terminate the merger agreement with Phelps Dodge at or after 9 a.m. on Saturday, October 23, 1999. |
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