Editorial Contact: Joyce A. Saltzman
1 412 553 4467
Investor Relations: Charles D. McLane
Randall J. Killeen
1 412 553 2231
ALCOA COMPLETES CASH TENDER OFFER FOR HOWMET AND ANNOUNCES SUBSEQUENT
OFFERING PERIOD
PITTSBURGH, June 15, 2000 -- Alcoa Inc. announced today the completion of
its $21 per share cash tender offer for all outstanding publicly held
shares of common stock of Howmet International Inc. The tender offer
expired at 12:00 Midnight Eastern Daylight Savings Time (EDST) on
Wednesday, June 14, 2000, at which time approximately 14,562,735 shares of
Howmet common stock were validly tendered, including guaranteed deliveries.
Payment for the shares of the stock purchased during the initial offering
period will be made promptly through ChaseMellon Shareholder Services,
L.L.C., the depositary for the tender offer. After payment for the
deposited shares, Alcoa will own approximately 99.2% of the total issued
and outstanding shares of Howmet common stock.
As previously announced, Alcoa will provide a subsequent offering
period of three business days for the Howmet tender offer, which begins
today at 9:00 a.m. EDST and expires at 12:00 Midnight EDST on Monday, June
19, 2000. The same price paid during the initial offering is extended
through the subsequent offering period: $21 per share, net to the seller in
cash, to Howmet stockholders. Shares that are tendered during the
subsequent offering period may not be withdrawn.
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Alcoa (NYSE: AA)
Howmet International (NYSE: HWM)
