DAIMLERCHRYSLER
Press Information
October 10, 2000
CONTACT:
DAIMLERCHRYSLER AG
Othmar M. Stein Tel: +49 711 17 95160
DETROIT DIESEL
Daniel J. McEnroe Tel: +1 313 592 7344
DAIMLERCHRYSLER COMPLETES CASH TENDER OFFER FOR DETROIT DIESEL;
ANNOUNCES SUBSEQUENT OFFERING PERIOD
STUTTGART/AUBURN HILLS--DaimlerChrysler (NYSE:DCX) announced today the
completion of its $23 per share cash tender offer for all outstanding
shares of common stock of Detroit Diesel Corporation (NYSE:DDC). The tender
offer expired at 1:00 p.m. Eastern Daylight Savings Time (EDST) on Monday,
October 9, 2000, at which time approximately 17,508,629 shares of Detroit
Diesel common stock were validly tendered, including guaranteed deliveries.
Payment for the shares of Detroit Diesel common stock purchased yesterday
will be made promptly through ChaseMellon Shareholder Services, L.L.C., the
depositary for the tender offer. After payment for the deposited shares,
DaimlerChrysler will own approximately 97.1% of the total issued and
outstanding shares of Detroit Diesel common stock.
As previously announced, DaimlerChrysler will provide a subsequent offering
period of three business days for the Detroit Diesel tender offer, which
begins today at 9:00 a.m. EDST and expires at 11:59 p.m. EDST on Thursday,
October 12, 2000. During this subsequent offering period, shares of Detroit
Diesel will be accepted and promptly paid for as they are tendered. The
same price paid during the initial offering is extended through the
subsequent offering period: $23 per share, net to the seller in cash, to
Detroit Diesel stockholders. Shares that are tendered during the subsequent
offering period may not be withdrawn.
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, because they contain
important information. The tender offer statement has been filed by
DaimlerChrysler with the Securities and Exchange Commission (SEC), and the
solicitation/recommendation statement has been filed by Detroit Diesel with
the SEC. Investors and security holders may obtain a free copy of these
statements 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.
