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[January 2003]
CoorsTek Signs Merger Agreement
CoorsTek Inc (Golden, CO, USA) has signed a merger agreement for US$26 per share in cash with Keystone Holdings LLC and Keystone Acquisition Corp. This transaction will be effected through a merger with Keystone Acquisition Corp, in which CoorsTek will be the surviving corporation.
Under the terms of the agreement, each of the approximately 8.6 million shares of common stock of CoorsTek not held by Keystone Holdings and its affiliates will be converted upon completion of the merger into the right to receive US$26 per share in cash. The transaction is valued at approximately US$358 million, including CoorsTek's indebtedness of around US$104 million and net of cash of approximately US$51 million. Keystone Holdings and its affiliates own approximately 27% of the outstanding shares of CoorsTek's common stock.
Keystone Holdings LLC is wholly owned by John K Coors, CoorsTek's Chairman, President and CEO, and a trust, which has been established for the benefit of various Coors family members. Keystone Acquisition Corp is a newly formed company which is wholly owned by Keystone Holdings.
CoorsTek designs and manufactures components, integrated assemblies and automated systems for the semiconductor capital equipment market and other high technology applications. Using technical ceramics, precision-machined metals, high performance plastics and ultra-pure fused quartz, CoorsTek says its engineered solutions enable its customers' products to overcome technological barriers and improve performance.
ENDS