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Alcoa and Alumax To Comply with Requests for Additional Information from DOJ
PITTSBURGH and ATLANTA--April 1, 1998--
Alcoa (NYSE: AA) and Alumax Inc. (NYSE: AMX) announced today that Alcoa
has received a request for additional information from the Department of
Justice (DOJ) under the Hart-Scott-Rodino Act concerning Alcoa's
previously announced acquisition of Alumax. This second request extends
the waiting period under the Hart-Scott-Rodino Act during which the
parties are prohibited from closing the transaction pending DOJ review.
Alumax also received a civil investigative demand from DOJ seeking
similar information and documents, which subject companies often receive
in lieu of a second request in a cash tender offer situation. Such
requests are not unusual in transactions of this size between two
companies in the same industry.
On March 13, 1998, Alcoa commenced a cash tender offer for one-half of
the outstanding Alumax shares at $50 per share. The second step of the
transaction will be a merger in which each of the remaining 50% of the
outstanding Alumax shares will be converted into 0.6975 of a share of
Alcoa common stock. In the event less than one-half of the shares of
Alumax are tendered, the remaining shares will be exchanged in the
merger for a combination of cash and Alcoa common stock on a pro rata
basis.
The tender offer is conditioned on the expiration of the
Hart-Scott-Rodino waiting period and other customary conditions. The
merger is also subject to customary conditions, including approval by
stockholders of Alumax owning a majority of Alumax shares.
The companies said that they intend to comply with the DOJ's requests
for additional information as quickly as possible.
Alcoa is the world's largest producer of aluminum and alumina and a
major participant in all segments of the industry: mining, refining,
smelting, fabricating and recycling.
Alumax is a world leader in aluminum with assets of more than $3.4
billion and 1997 revenues of more than $2.9 billion.
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