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September 2006

 

Texas Pacific acquires Aleris

Aleris International, Inc. entered into a definitive merger agreement under which Texas Pacific Group will acquire the outstanding stock of Aleris International.

Under the terms of the agreement, the San Francisco-based venture capital company will purchase all of Aleris’ outstanding stock for $1.7 billion. They also will assume $1.6 billion of Aleris’ debt.

Aleris stockholders will receive $52.50 in cash for each share of Aleris common stock they hold, representing a premium of 27% to Aleris’s closing share price on August 7, 2006.

The board of directors of Aleris has unanimously approved the merger agreement and will recommend that shareholders accept the offer.

Pending the receipt of stockholder approval and expiration of the waiting period under the Hart-Scott-Rodino Antitrust Improvements Act of 1976, as well as satisfaction of other customary closing conditions, including regulatory approvals, the transaction is expected to be completed early in 2007.

The Company’s global headquarters will remain in Beachwood, Ohio.


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