Quick Facts
FONT-SIZE Plus   Neg
Share SHARE
mail  E-MAIL

Precision Castparts Closes Acquisition Of Titanium Metals

RELATED NEWS
Trade PCP now with 
1/8/2013 1:02 PM ET

Precision Castparts Corp. (PCP: Quote) announced that it has completed its acquisition of Titanium Metals Corp. (TIE: Quote) 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.

Register
To receive FREE breaking news email alerts for Precision Castparts Corp. and others in your portfolio

by RTT Staff Writer

For comments and feedback: editorial@rttnews.com

Business News

Editors Pick
Chipmaker Advanced Micro Devices Inc. said Thursday after the markets closed that its first quarter loss narrowed from last year, helped by strong revenue growth in its graphics and visual solutions business. The company's quarterly earnings per share, excluding items, also came in above analysts' expectations as did its quarterly revenue. After trending higher over the past few sessions, stocks showed a lack of direction throughout the trading day on Thursday. The major averages spent the session bouncing back and forth across the unchanged line before ending the day mixed. While the major averages closed on opposite sides of the unchanged line, they all showed only modest moves. U.S. Secretary Of State John Kerry said Thursday that he and his counterparts from Russia, Ukraine and the European Union have reached an agreement on a preliminary plan for ending the ongoing crisis in Ukraine. Kerry was speaking at the end of the Ukraine contact group's first meeting, comprising the foreign ministers of Russia, Ukraine, the EU and the U.S., in the Swiss city of Geneva.
comments powered by Disqus
FREE Newsletters, Analysis & Alerts

 

Stay informed with our FREE daily Newsletters and real-time breaking News Alerts. Sign up to receive the latest information on business news, health, technology, biotech, market analysis, currency trading and more.