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Alcoa Announces Final Proration Factor in its Tender Offer for Alumax PITTSBURGH--June 22, 1998--
Alcoa (NYSE: AA) announced today that it has been advised by its
depositary, First Chicago Trust Company of New York, that on a final
basis 48,735,807 shares of common stock of Alumax Inc. (NYSE: AMX) were
validly tendered and not withdrawn on or prior to the 5:00 p.m., June 16
expiration date of Alcoa's $50 per share cash tender offer, resulting in
a final proration factor of 56.50875%. On June 16, Alcoa accepted for
payment 27,540,000 shares of common stock of Alumax. This represents
approximately 51% of the total outstanding Alumax shares.
As previously announced, the tender offer will be followed by a merger
in which the remaining outstanding shares of Alumax common stock will be
converted into .6975 of a share of Alcoa common stock. The proposed
merger is subject to the approval of a majority of Alumax stockholders
at a special meeting in July.