DA Davidson Downgrades Titanium Metals (TIE) to Neutral

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Go back to DA Davidson Downgrades Titanium Metals (TIE) to Neutral

Precision Castparts (PCP) to Acquire Titanium Metals (TIE) for $16.50/Share

November 9, 2012 4:05 PM EST

Titanium Metals Corporation (NYSE: TIE) today announced that it has entered into a definitive merger agreement under which Precision Castparts Corp. (PCC) (NYSE: PCP), has agreed to acquire all of the common stock of TIMET for $16.50 per share in cash. The total equity value of the transaction is approximately $2.9 billion. The cash consideration represents a premium of 36% over the 30-day average of TIMET shares and a 44% premium to the closing price of TIMET shares on November 8, 2012.

Under the terms of the merger agreement, PCC will commence by November 20, 2012... More