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Alcoa to Commence $20 Cash Tender Offer for Shares of Howmet International
PITTSBURGH, Pa.--April 13, 2000--
Alcoa Inc. said today it plans to commence a cash tender offer for all
outstanding shares of Howmet International Inc. The offer is part of
Alcoa's announced acquisition of Cordant Technologies, Inc., 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 on April 11, 2000.
Alcoa's acquisition of Cordant cleared U.S. antitrust review with the
expiration of the Hart-Scott-Rodino Act 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.