CoorsTek Committee Reports Buyout Proposal Inadequate
The board of directors of CoorsTek, Inc. has established an evaluation committee, consisting of the six independent board members, to evaluate the proposal from the Coors family and related trusts to acquire for $21 per share all of the outstanding shares of CoorsTek common stock not held by them. After careful consideration of the terms described in the November 11, 2002, letter from the Coors family and related trusts, the evaluation committee recently announced that it has rejected the proposal and has determined the terms of the offer to be financially inadequate. In making its determination, the evaluation committee considered a number of factors, including the opinion of Banc of America Securities LLC, the evaluation committee's independent financial advisor, which is based on considerations described in its written opinion, that the proposed $21 per share offer price would be inadequate, from a financial point of view, to CoorsTek stockholders other than the Coors family and related trusts; the evaluation committee's belief that the proposed $21 offer price significantly undervalues CoorsTek's inherent long-term value; and the evaluation committee's commitment to protecting the best interests of all CoorsTek stockholders.
For additional information, call (303) 271-7005 or visit http://www.coorstek.com .