Praxair, Inc. reported that its proposed tender offer for the remaining 24% of the shares of S.A. White Martins, its affiliate in Brazil, is on schedule and is expected to be successful. As a result o…
Praxair, Inc. reported that its proposed tender offer for the remaining 24% of the shares of S.A. White Martins, its affiliate in Brazil, is on schedule and is expected to be successful. As a result of a number of inquiries Praxair has received, the company said that it believes the offer is fair and fully valued, and has absolutely no intention of increasing its offer price. The offer price of 1.30 Reais per share represents a 54% premium to the average price of White Martins shares in the three months prior to the tender offer announcement on 14 December 1999. Upon completion of a successful tender offer, which is expected to begin in February, Praxair intends to delist the shares of White Martins from the Sao Paulo and Rio de Janeiro stock exchanges. Praxair had 1998 sales of US$ 4.8 billion. The company produces, sells and distributes atmospheric and process gases, and high-performance surface coatings.