For Immediate Release
EASTMAN CHEMICAL COMPANY CONTACTS:
Media: Nancy K. Ledford
423.229-5264
Investors: MaryAnn Arico
423.229-8692
EASTMAN SUCCESSFULLY COMPLETES
TENDER OFFER FOR McWHORTER TECHNOLOGIES, INC.
KINGSPORT, TENN.--July 11, 2000--Eastman Chemical Company (NYSE: EMN) announced
today that it has successfully completed its cash tender offer to purchase
outstanding shares of common stock of McWhorter Technologies, Inc. (NYSE: MWT)
at a price of $19.70 per share. The offer expired, as scheduled, at 12:00
midnight, New York City time, on Monday, July 10, 2000.
As of the expiration of the offer, based on a preliminary count from the
depositary for the offer, approximately 9,376,422 shares of McWhorter common
stock were tendered pursuant to the tender offer. All such shares have been
accepted for payment. After giving effect to the purchase of the shares
tendered, Eastman will beneficially own approximately 94.229% of the outstanding
McWhorter shares.
Eastman and McWhorter now expect to complete a merger pursuant to which
McWhorter will become a wholly owned subsidiary of Eastman and all remaining
McWhorter stockholders (other than Eastman and its subsidiaries) will have the
right to receive the same $19.70 per share in cash payable pursuant to the
tender offer.
Headquartered in Kingsport, Tenn., Eastman manufactures and markets plastics,
chemicals and fibers. The company employs 15,000 people in more than 30
countries and had 1999 sales of US$4.6 billion.
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