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Exhibit (a)(1)(xiii)
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. COMPLETES TENDER OFFER
FOR SHARES OF KENETECH CORPORATION
San Francisco, California - December 28, 2000 - KC Merger Corp., an
indirect, wholly owned subsidiary of ValueAct Capital Partners, L.P., today
announced that it has accepted for purchase and payment pursuant to its tender
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, all of the shares of KENETECH common stock
which were validly tendered and not withdrawn as of the expiration of the tender
offer at 12:00 midnight, New York City time, on Wednesday, December 27, 2000.
According to Mellon Investor Services, L.L.C., the depositary for the
offer, 16,021,160 shares of KENETECH common stock, including 49,502 shares
tendered pursuant to notices of guaranteed delivery, or approximately 78% of
the outstanding shares (excluding the shares held by Mr. Mark Lerdal), were
validly tendered pursuant to the tender offer and not withdrawn. Upon purchase
of the tendered shares, KC Merger Corp. will own approximately 86% of the
outstanding shares of common stock of KENETECH.
The tender offer will be followed by a merger between KENETECH and KC
Merger Corp. Pursuant to the merger, the public stockholders of KENETECH who
did not tender their shares in the offer and who do not seek appraisal of their
shares pursuant to the provisions of applicable law will have their shares
converted into the right to receive the same $1.04 per share purchase price. KC
Merger Corp. plans to consummate the second-step merger as soon as possible.
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