For Immediate Release
EASTMAN CHEMICAL COMPANY CONTACTS:
Media: Martha Lawson
423.229-6574
Investors: MaryAnn Arico
423.229-8692
EASTMAN EXTENDS TENDER OFFER FOR
MCWHORTER TECHNOLOGIES, INC. TO JULY 10, 2000
KINGSPORT, TENN. - June 30, 2000 - Eastman Chemical Company (NYSE: EMN)
today announced that the pending cash tender offer by a wholly owned
subsidiary of Eastman for all outstanding shares of common stock of
McWhorter Technologies, Inc. (NYSE: MWT) has been extended, while the
company completes the foreign regulatory approval process.
The tender offer, which commenced on May 12, 2000, and was scheduled to
expire at 12:00 midnight, New York City time, on Friday, June 30, 2000, has
been extended to 12:00 midnight, New York City time, on Monday, July 10,
2000, unless further extended.
As previously announced, the waiting period under the Hart-Scott-Rodino
Antitrust Improvements Act applicable to the tender offer expired on May
23, 2000. In addition, today Eastman was notified by the German Federal
Cartel Office that the office has unconditionally cleared Eastman's
acquisition of McWhorter.
As of 5:00 p.m. New York City time on June 29, 2000, 7,204,179 shares of
McWhorter common stock had been tendered to Eastman under the terms of the
tender offer and not withdrawn. The number of shares tendered and not
withdrawn represents approximately 72.4% of the outstanding shares of
McWhorter on a fully diluted basis.
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.
# # #
