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Alcoa to Acquire Cordant Technologies PITTSBURGH and SALT LAKE CITY--March 14, 2000
Alcoa Inc. and Cordant Technologies Inc. today announced they have
entered into a definitive agreement under which Alcoa will acquire all
outstanding shares of Cordant for $57.00 per share payable in cash.
Alcoa will commence the transaction with a cash tender offer for 100%,
but not less than a majority, of the outstanding Cordant shares on a
fully diluted basis. If a majority of the outstanding shares are
purchased in the tender offer, any remaining Cordant shares will be
exchanged for cash in the amount of $57.00 per share in a merger of
Cordant and Alcoa's acquisition subsidiary.
The transaction is valued at approximately $2.9 billion based on 40
million fully diluted shares of Cordant common stock on March 13, 2000
and the assumption of $685 million in debt.
In announcing the transaction, James R. Wilson, chairman and chief
executive officer of Cordant, and Alain J. P. Belda, president and chief
executive officer of Alcoa, said: "We are pleased to announce this
merger that brings together two companies with obvious complementary
activities. Customers, employees and shareholders will benefit from
combining each company's manufacturing best practices and technological
Both companies' Boards of Directors have approved the merger, agreement.
The transaction will be conditioned on regulatory approvals, including
expiration of applicable waiting periods and other customary conditions.
Investors and security holders are strongly advised to read both the
tender offer statement and the solicitation/recommendation statement
regarding the tender offer referred to in this press release, when they
become available, because they will contain important information. The
tender offer statement will be filed by Alcoa with the Securities and
Exchange Commission (SEC), and the solicitation/recommendation statement
will be filed by Cordant with the SEC. Investors and security holders
may obtain a free copy of these statements (when available) and other
documents filed by Alcoa and Cordant at the SEC's web site at http://www.sec.gov. The tender offer statement and related materials may
be obtained for free by directing such requests to Alcoa Investor
Relations. The solicitation/recommendation statement and such other
documents may be obtained by directing such requests to Cordant Investor