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Alcoa and Alumax Respond to DOJ Request for Additional Information
Alcoa Extends Tender Offer
PITTSBURGH and ATLANTA--May 22, 1998--
Alcoa (NYSE: AA) announced today that it has provided the Department of
Justice with additional information requested under the
Hart-Scott-Rodino Act in connection with Alcoa's acquisition of Alumax
(NYSE: AMX) and believes that it is now in substantial compliance with
Alumax also announced today that it has sent to the Department of
Justice the final submission of additional information requested by the
previously announced civil investigation demand, as modified, under the
Hart-Scott-Rodino Act in connection with the acquisition. Upon receipt
by the Department of Justice of this submission, Alumax believes that it
will have fully responded to the DOJ's request.
Alcoa also said that it has agreed with the DOJ that it will not close
its currently pending acquisition of Alumax prior to June 15, 1998 in
order for the DOJ to complete its review.
In light of its agreement with the DOJ, Alcoa has extended the
expiration date of its cash tender offer for up to 27 million shares of
Alumax common stock at a price of $50 per share to midnight, EDT, on
Monday, June 15, 1998. The offer had previously been scheduled to expire
on Friday, June 5, 1998. As of the close of business on May 21, the
number of shares of Alumax common stock that had been validly tendered
and not withdrawn was 19,642,503.