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Alcoa Completes Cash Tender Offer For Cordant; Announces Subsequent Offering Period; And Extends Tender Offer For Howmet
PITTSBURGH--May 22, 2000--
Alcoa announced today the completion of its $57 per share cash tender
offer for all outstanding shares of common stock of Cordant Technologies
Inc. The tender offer expired at 5:00 p.m. Eastern Daylight Savings Time
(EDST) on Friday, May 19, 2000, at which time approximately 34,534,734
shares of Cordant common stock were validly tendered, including
guaranteed deliveries. Payment for the shares of Cordant common stock
purchased during the initial offering period will be made promptly
through ChaseMellon Shareholder Services, L.L.C., the depositary for the
tender offer. After payment for the deposited shares, Alcoa will own
approximately 93.5% of the total issued and outstanding shares of
Cordant common stock.
As previously announced, Alcoa will provide a subsequent offering period
of three business days for the Cordant tender offer, which begins today
at 9:00 a.m. EDST and expires at 11:59 p.m. EDST on Wednesday, May 24,
2000. During this subsequent offering period, shares of Cordant will be
accepted and promptly paid for as they are tendered. The same price paid
during the initial offering is extended through the subsequent offering
period: $57 per share, net to the seller in cash, to Cordant
stockholders. Shares that are tendered during the subsequent offering
period may not be withdrawn.
Alcoa also announced today that it has extended its $20 per share cash
tender offer for all of the outstanding shares of Howmet International
Inc. The tender offer, as extended, will expire at 5:00 p.m. EDST on
June 2, 2000. Alcoa emphasized that it will not under any circumstances
extend the Howmet offer beyond Friday, June 2, 2000. As of the close of
business on May 19, 2000, the number of shares of Howmet common stock
that had been validly tendered was 1,098,100, including guaranteed
deliveries.
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