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November 20, 2012
09:03 EDTPCP, TIETitanium Metals files Schedule 14D-9 in connection with Precision tender
Titanium Metals (TIE) has filed a Schedule 14D-9 Solicitation/Recommendation Statement with the SEC in response to the previously announced all cash tender offer by Precision Castparts (PCP) for all of the outstanding common stock of TIMET for $16.50 per share in cash. The TIMET Board of Directors, based on the recommendation of a special committee of the Board consisting of independent directors, has recommended that stockholders accept the offer, which represents a premium of 36% over the 30-day average of TIMET shares and a 44% premium to the closing price of TIMET common stock on November 8. The Schedule 14D-9 Solicitation/Recommendation Statement explains in detail the factors considered by the Board of Directors and the special committee in reaching its recommendation.
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