Precision Castparts Corp. (PCP) announced that it has completed its acquisition of Titanium Metals Corp. (TIE) or Timet.
Timet has been a subsidiary of ELIT Acquisition Sub Corp., a wholly-owned subsidiary of Precision Castparts, since December 21, 2012. Acquisition Sub, as the owner of more than 90% of the outstanding shares of Timet common stock, completed a short-form merger with Timet on January 7, 2013, as a result of which Timet became a wholly-owned subsidiary of Precision Castparts. Each remaining share of Timet common stock not tendered in Precision Castparts' previous tender offer for Timet shares was converted in the merger into the right to receive $16.50 without interest and less any applicable withholding of taxes.
As a result of the merger, Timet common stock will cease to be traded on the New York Stock Exchange.
On November 9, 2012, Precision Castparts and Timet had signed a definitive merger agreement, by which the tender offer would be made.
On November 20, 2012, Precision Castparts announced that its wholly owned subsidiary, ELIT Acquisition Sub Corp. has commenced the tender offer for all of the outstanding shares of common stock of Titanium Metals at a price of $16.50 per share, net to the seller in cash, without interest and less any required withholding of tax.
by RTT Staff Writer
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