Press Releases
: 1999
CITATION CORPORATION
2 Office Park Circle, Suite 204
Birmingham, AL 35223
Contact: Stanley B. Atkins
205-871-5731
November 30, 1999
BIRMINGHAM, Alabama — Citation Corporation (Nasdaq: CAST) today announced that its shareholders have voted to adopt the amended merger agreement between Citation and RSJ Acquisition Co., a corporation formed by Kelso & Company of New York. The merger is expected to close December 1, 1999.
Under the terms of the merger agreement, RSJ will pay $17.00 per share for approximately 94% of the outstanding shares of Citation. Approximately 1.1 million shares will be retained in the merger so that the merger can be accounted for as a recapitalization for financial accounting purposes.
Because certain shareholders of Citation, including members of management, agreed to retain the 1.1 million shares that will remain outstanding, all shareholders who did not elect to retain any shares will receive the cash payment for their shares.
Citation Corporation is a metal components supplier to capital and durable goods industries. The company currently operates 18 manufacturing divisions in nine states and employs more than 7,000 employees.
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Note: This press release contains certain forward-looking statements, which Citation Corporation is making in reliance on the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Investors are cautioned that all forward-looking statements involve risks and uncertainties. Actual results could differ materially from those anticipated in the forward-looking statements as a result of a number of factors, including, but not limited to, the successful closing of the proposed transaction and risks associated with acquisitions generally. Certain of these risks and uncertainties are described in the Company's filings with the Securities and Exchange Commission.
Any offering of securities in connection with the merger will be made only by means of a prospectus.
