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Stock Market & Financial Investment News

News Breaks
December 21, 2012
08:06 EDTPCP, TIEPrecision Castparts completes tender offer for shares of Titanium Metals
Precision Castparts (PCP) announced the successful completion of the cash tender offer, through its wholly owned subsidiary, ELIT Acquisition Sub, for all of the outstanding shares of common stock of Titanium Metals Corporation (TIE) for $16.50 per Share. PCC also announced the commencement of a subsequent offering period to acquire all remaining untendered Shares. The subsequent offering period will expire on Friday, January 4, 2013, unless extended. PCC and Purchaser reserve the right to extend the subsequent offering period in accordance with applicable law and the terms of the definitive merger agreement, dated November 9, by and among PCC, Purchaser and Timet. Following completion of the subsequent offering period, PCC and Purchaser intend to increase PCC's ownership percentage of Timet to 100% by means of a merger under Delaware law. In the merger, each Share not previously purchased in the Offer will be converted, subject to appraisal rights, into the right to receive the same $16.50 per Share price, without interest and subject to applicable withholding taxes, that was paid in the Offer. Timet stockholders who do not tender their Shares in the Offer will not receive payment for their Shares until completion of the merger.
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