Coorstek Signs Merger Agreement with Keystone
January 8, 2003
CoorsTek, Inc. recently announced that it has signed a merger agreement for $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 merger 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 $26 per share in cash. The transaction is valued at approximately $358 million, including CoorsTek's indebtedness of approximately $104 million and net of cash of approximately $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 chief executive officer, and a trust that has been established for the benefit of various Coors family members. Keystone Acquisition Corp. is a newly formed company wholly owned by Keystone Holdings.
For additional information, call (303) 271-7005 or visit http://www.coorstek.com .