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Nov. 14, 2012
PCC Acquires TIMET in Contested Deal
Precision Castparts Corp., Portland, Ore., has entered a merger agreement with Titanium Metals Corp., Dallas, in a $2.9 billion transaction. Under the terms of the merger, Precision Castparts will acquire 100 percent of the common stock of TIMET at $16.50 per share.
"TIMET will provide us with the titanium capability that has always been a key missing piece of our overall product portfolio," says Mark Donegan, chairman and chief executive officer of Precision Castparts. "As our 2006 acquisition of Special Metals did for us with nickel alloys, acquiring TIMET will enable us to streamline our supply chain and better manage our input costs in our core operations.”
However, the law firm of Levi & Korsinsky reportedly is investigating the board of directors of TIMET for possible breaches of fiduciary duty in connection with the sale of the company. The investigation concerns whether the board failed to adequately shop the company before entering into this transaction. The probe will determine whether Precision Castparts Corp. is underpaying for TIMET shares, thus unlawfully harming stockholders. The firm claims at least one analyst set a price target at $20 per share.
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