logo
Share SHARE
FONT-SIZE Plus   Neg

Precision Castparts Closes Acquisition Of Titanium Metals

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

For comments and feedback: editorial@rttnews.com

Business News

Quick Facts

Editors Pick
Women's specialty-clothing retailer J. Jill Inc. said it has launched an initial public offering of 11.67 million shares of its common stock. All shares are being sold by an existing stockholder and J. Jill will not receive any proceeds from the offering. Long queues at peak dining hours at Wendy's may be a history, as the company is planning to introduce automated self ordering kiosks at its more than 1000 retail locations by this year end. The automation will also help in cutting labor costs. Canadian music retail chain Sunrise Records said it plans to take over 70 retail spaces in Canada being vacated by HMV Canada, the industry's largest retailer. The new brick and mortar locations are in malls across Canada. However, Sunrise's expansion comes as people are increasingly shifting to streaming options for music and videos rather than buying tangible, touchable albums.
comments powered by Disqus
Follow RTT