On December 20, 2012, Contran Corporation majority-owned subsidiary, Titanium Metals Corporation, was acquired by Precision Castparts Corporation pursuant to a negotiated cash tender offer commenced under a merger agreement between Timet and PCC and a related support agreement between Contran and PCC.
The aggregate value of the transaction was approximately $2.9 billion. The transaction resulted in multiple lawsuits in both Delaware and Texas courts. The Delaware state court litigation was settled on a disclosure only basis shortly before the consummation of the tender offer. The transaction was subject to both HSR approval and approval by the European Commission under applicable antitrust rules.
Timet is the largest independent titanium manufacturer in the United States with principal customers in the aerospace and defense end markets. PCC is a worldwide, diversified manufacturer of complex metal components and products.
Baker Botts represented Contran Corporation and Timet in the transaction.
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