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. |
