DAIMLERCHRYSLER
Press Information
August 28, 2000
CONTACT:
DAIMLERCHRYSLER AG
Othmar M. Stein Tel: +49 711 1795160
Karlheinz L. Knoess Tel: +49 711 17 95130
DETROIT DIESEL
Daniel J. McEnroe Tel: +1 313 592 7344
DAIMLERCHRYSLER EXTENDS TENDER OFFER FOR DETROIT DIESEL
STUTTGART/AUBURN HILLS -- DaimlerChrysler (NYSE:DCX) announced today that
it has extended its $23.00 per share cash tender offer for all of the
outstanding shares of Detroit Diesel Corporation (NYSE:DDC). The tender
offer, as extended, will expire at 5:00 p.m. Eastern Daylight Savings Time
on Monday, September 11, 2000. As of the close of business on August 25,
2000, the number of shares of Detroit Diesel common stock that had been
validly tendered was 17,755,953, including guaranteed deliveries, which,
together with DaimlerChrysler's current ownership amounts to more than 98%
of the outstanding common stock of Detroit Diesel. DaimlerChrysler noted
that it expects to file its pre-merger notification under the
Hart-Scott-Rodino Act in the US this week and that it submitted the
required antitrust notification in preliminary form with the European
Commission last week and expects the EU filing will be accepted in final
form by the end of the week. Based on this current status and assuming no
extension of either review period, DaimlerChrysler anticipates that the
applicable waiting periods should expire by the last week in September.
Detroit Diesel Corporation, incorporated in 1987, is an international
leader in diesel engines for on- and off-highway applications. The company
offers engines from 22 to 11,000 horsepower for the on-highway, off-road
(including power generation) and automotive markets through a worldwide
network of more than 2,700 authorized distributor and dealer locations. It
designs, manufactures, markets, services and provides after market and
remanufactured diesel and alternative fuel engines.
DaimlerChrysler AG is the world's leading manufacturer of commercial
vehicles with the brands Mercedes-Benz, Freightliner, Sterling, Setra and
Thomas Built Buses.
Investors and security holders are strongly advised to read both the tender
offer statement and the solicitation/recommendation statement regarding the
tender offer referred to in this press release, when they become available
because they will contain important information. The tender offer statement
will be filed by DaimlerChrysler with the Securities and Exchange
Commission (SEC), and the solicitation/recommendation statement will be
filed by Detroit Diesel with the SEC. Investors and security holders may
obtain in a free copy of these statements (when available other documents
filed by DaimlerChrysler and Detroit Diesel at the SEC's website at
www.sec.gov. The tender offer statement and related materials may be
obtained for free by directing such requests to DaimlerChrysler North
America Holding Company. The solicitation/recommendation statement and such
other documents may be obtained by directing such requests to Detroit
Diesel Corporation.
