DaimlerChrysler (NYSE: DCX) announced today the completion of its $23 per share cash tender offer for all outstanding shares of common stock of Detroit Diesel Corporation (NYSE: DDC).
The tender offer expired at 1 p.m. EasternDaylight Savings Time (EDST) on Monday, October 9, 2000, at which timeapproximately 17,508,629 shares of Detroit Diesel common stock were validly tendered, including guaranteed deliveries.
Payment for the shares of DetroitDiesel common stock purchased yesterday will be made promptly throughChaseMellon Shareholder Services, L.L.C., the depositary for the tender offer.After payment for the deposited shares, DaimlerChrysler will own approximately97.1% of the total issued and outstanding shares of Detroit Diesel commonstock.
As previously announced, DaimlerChrysler will provide a subsequentoffering period of three business days for the Detroit Diesel tender offer,which begins today at 9 a.m. EDST and expires at 11:59 p.m. EDST on Thursday, October 12, 2000. During this subsequent offering period, shares of DetroitDiesel will be accepted and promptly paid for as they are tendered.
The sameprice paid during the initial offering is extended through the subsequent offering period: $23 per share, net to the seller in cash, to Detroit Dieselstockholders. Shares that are tendered during the subsequent offering periodmay not be withdrawn.
Detroit Diesel Corporation, incorporated in 1987, is an international leader in diesel engines for on- and off-highway applications. The company offers engines from 22 to 22,000 horsepower for the on-highway, off-road(including power generation) and automotive markets through a worldwidenetwork of more than 2,700 authorized distributor and dealer locations.
It designs, manufactures, markets, services and provides aftermarket andremanufactured diesel and alternative fuel engines. DaimlerChrysler AG is the world’s leading manufacturer of commercialvehicles with the brands Mercedes-Benz, Freightliner, Sterling, Setra andThomas Built Buses.
Investors and security holders are strongly advised to read both thetender offer statement and the solicitation/recommendation statement regardingthe tender offer referred to in this press release, because they containimportant information.
The tender offer statement has been filed byDaimlerChrysler with the Securities and Exchange Commission (SEC), and the solicitation / recommendation statement has been filed by Detroit Diesel withthe SEC.
Investors and security holders may obtain a free copy of thesestatements at the SEC’s website at www.sec.gov
