Jan 2 2007
Evraz Group S.A. today announced that the cash tender offer by its wholly owned subsidiary Oscar Acquisition Merger Sub, Inc. to purchase all outstanding shares of common stock (including the associated preferred stock purchase rights) of Oregon Steel Mills, Inc. is being extended until 5:00 p.m., New York City time, on January 9, 2007, unless further extended or earlier terminated. The tender offer had previously been scheduled to expire at 12:00 midnight on December 28, 2006.
As previously indicated by Evraz, the initial expiration date for the tender offer is being extended to permit the tender offer to remain open until after January 8, 2007, the expiration date of the previously announced 30-day review by the Committee on Foreign Investment in the United States (CFIUS). Under the Merger Agreement, if all of the conditions to the tender offer are not satisfied as of any expiration date, Evraz will have the right, and under certain circumstances may be required, to further extend the tender offer.
Evraz and Oscar Acquisition Merger Sub, Inc. have been advised by Mellon Investor Services LLC, the depositary for the tender offer, that as of 5:00 pm New York City time on December 27, 2006, stockholders of Oregon Steel had tendered into the tender offer 9,607,810 shares of Oregon Steel common stock.
The tender offer is being made pursuant to a previously announced definitive merger agreement among Evraz, Oscar Acquisition Merger Sub, Inc. and Oregon Steel dated November 20, 2006. Upon the successful closing of the tender offer, Oregon Steel stockholders would receive $63.25 in cash for each share of Oregon Steel common stock tendered in the tender offer, less any required withholding taxes. Following the purchase of shares in the tender offer, Oregon Steel would become a subsidiary of Evraz. Except for the extension of the expiration date, all of the other terms and conditions of the tender offer remain unchanged.