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Exhibit (a)(1)(viii)
For Immediate Release:
Contact: Jeffrey Ubben
ValueAct Capital Partners, L.P.
(415) 362-3700
Contact: Jeanne Carr
MacKenzie Partners, Inc.
(212) 929-5500
(800) 322-2885
KC MERGER CORP. EXTENDS TENDER OFFER
FOR SHARES OF KENETECH CORPORATION
San Francisco, California - November 29, 2000 - KC Merger Corp., an indirect,
wholly-owned subsidiary of ValueAct Capital Partners, L.P., today announced that
it is extending its offer to acquire all outstanding shares of common stock (and
associated preferred share purchase rights) of KENETECH Corporation (OTCBB:
KWND.OB) at a purchase price of $1.04 per share, until 5:00 p.m., New York City
time, on Tuesday, December 12, 2000. The offer was previously scheduled to
expire at 12:00 midnight, New York City time, on Thursday, December 7, 2000.
The terms of the extended offer are the same as the original offer as set forth
in the offering materials previously distributed to KENETECH stockholders.
Based on the latest count of tendered shares, approximately 1,972,834 shares of
KENETECH common stock (and associated preferred share purchase rights) have been
tendered and not withdrawn pursuant to the tender offer, representing
approximately 10% of the public shares available to be tendered. KC Merger Corp.
is extending the offer at the request of KENETECH in order to provide KENETECH
stockholders additional time to consider the supplemental disclosures recently
provided to them.
As a consequence of the extension of the expiration date, holders of KENETECH
common stock may tender or withdraw shares until 5:00 p.m., on December 12,
2000, unless the offer is further extended.
The tender offer is being made through, and the foregoing is qualified in its
entirety by reference to, the Offer to Purchase, dated November 6, 2000, the
Supplement to the Offer to Purchase, dated November 26, 2000, and the related
letter of transmittal. KENETECH stockholders should read such documents
completely prior to making any decision as to the tender offer.
Questions and requests for assistance with respect to the offer may be directed
to McKenzie Partners, Inc., the information agent for the offer, at (800) 322-
2885.
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FORWARD LOOKING STATEMENTS
The foregoing communications contain forward-looking statements within the
meaning of the Safe Harbor Provisions of the Private Securities Litigation
Reform Act of 1995 (the "Safe Harbor Provisions"). KC Merger Corp. and KENETECH
Corporation are under no obligation to (and expressly disclaim any such
obligation to) update or alter their forward-looking statements whether as a
result of new information, future events or otherwise. The Safe Harbor
Provisions are not applicable to the foregoing communications to the extent that
they constitute tender offer materials.
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