For Immediate Release
Friday, June 9, 2000
EASTMAN CHEMICAL COMPANY
Contact: Martha G. Lawson
Phone: 423.229-6574
Email: [email protected]
EASTMAN EXTENDS TENDER OFFER FOR
McWHORTER TECHNOLOGIES, INC. TO JUNE 30, 2000
KINGSPORT, TENN. - June 9, 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 awaits approval by
Germany's Federal Cartel Office.
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 9, 2000, has been
extended to 12:00 midnight, New York City time, on Friday, June 30, 2000, unless
further extended.
Eastman has filed a notification of the pending acquisition of McWhorter with
Germany's Federal Cartel Office today and expects the acquisition of McWhorter
to be approved by the Federal Cartel Office within the initial one-month review
period. As previously announced, the waiting period under the Hart-Scott-Rodino
Antitrust Improvements Act applicable to the tender offer expired on May 23,
2000.
As of 5:00 p.m. New York City time on June 8, 2000, 5,441,126 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tender offer and not withdrawn. The number of shares tendered and not withdrawn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 50.5% 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.
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