PORTLAND, Ore., Jan. 8, 2013 (GLOBE NEWSWIRE) -- Precision Castparts Corp. (NYSE:PCP) (PCC) announced today that it has completed its acquisition of Titanium Metals Corporation (NYSE:TIE) (Timet). Timet has been a subsidiary of ELIT Acquisition Sub Corp. (Acquisition Sub), a wholly-owned subsidiary of PCC, since December 21, 2012. Acquisition Sub, as the owner of more than 90% of the outstanding shares of Timet common stock, completed a short-form merger with Timet on January 7, 2013, as a result of which Timet became a wholly-owned subsidiary of PCC. Each remaining share of Timet common stock not tendered in PCC's previous tender offer for Timet shares (other than shares as to which holders properly exercise appraisal rights) was converted in the merger into the right to receive $16.50 without interest and less any applicable withholding of taxes. As a result of the merger, Timet common stock will cease to be traded on the New York Stock Exchange.
Precision Castparts Completes Acquisition Of Timet
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