Aleris Buyout

Aleris International, Inc. (ARS)
$1.7B Buyout

Summary

$1.7B buyout by Texas Pacific Group

At $52.50 per share
$3.3B, including assumed debt

ARS stock charts: 5 year 1 year
Background to the merger

Aluminum products company

Business description

Announced 8.08.06

Closed 12.19.06

Advisors

Financial

TPG: Deutsche Bank
Aleris: Citigroup

Legal

TPG: Cleary Gottlieb
Aleris: Fried Frank

Merger Agreement

General

EDGAR Filing
Hyperlinked Version
Detailed hyperlinked index follows

Article I Merger

1.01 The Merger
1.02 Consummation
1.03 Effects of the Merger
1.04 Certificate of Incorporation and Bylaws
1.05 Directors and Officers
1.06 Conversion of Shares
1.07 Conversion of Common Stock of Merger Sub
1.08 Withholding Taxes
1.09 Subsequent Actions

Article II Dissenting Shares; Payment for Shares; Options

2.01 Dissenting Shares
2.02 Payment for Shares
2.03 Closing of the Company's Transfer Books
2.04 Treatment of Options
2.05 Further Actions

Article III Company Reps

3.01 Organization and Qualification
3.02 Capitalization
3.03 Authority for Agreement; Board Action

3.04 Consents and Approvals; No Violation
3.05 Reports; Financial Statements
3.06 Absence of Certain Changes

3.07 Proxy Statement; Other Filings
3.08 Brokers; Certain Expenses
3.09 Employee Matters

3.10 Employees
3.11 Litigation
3.12 Taxes
3.13 Compliance with Law
3.14 Environmental Matters
3.15 Intellectual Property

3.16 Real Property
3.17 Material Contracts
3.18 Insurance
3.19 Questionable Payments
3.20 Related Party Transactions
3.21 Opinion of Financial Advisor
3.22 Required Vote of Stockholders
3.23 Rights Amendment
3.24 CA Acquisition
3.25 No Other Representations or Warranties

Article IV Parent - Merger Sub Reps

4.01 Organization and Qualification
4.02 Authority for Agreement
4.03 Proxy Statement; Other Filings

4.04 Consent and Approvals; No Violation
4.05 Financing
4.06 Operations of Parent and Sub

4.07 Brokers
4.08 Litigation
4.09 Ownership of Shares

4.10 No Other Representations or Warranties

Article V Covenants

5.01 Conduct of the Company
5.02 No Solicitation
5.03 Access to Information
5.04 Stockholder Approval
5.05 Reasonable Best Efforts
5.06 Indemnification and Insurance
5.07 Employee Matters
5.08 Takeover Laws
5.09 Proxy Statement; Other Filings
5.10 Notification of Certain Matters
5.11 Financing
5.12 Subsequent Filings
5.13 Press Releases

Article VI Closing Conditions

6.01 Each Party
6.02 Parent and Merger Sub
6.03 Company

Article VII Termination, Amendment, Waiver

7.01 Termination
7.02 Effect of Termination
7.03 Fees and Expenses
7.04 Maximum Recovery
7.05 Amendment
7.06 Extension; Waiver; Remedies

Article VIII Miscellaneous

8.01 Representations and Warranties
8.02 Entire Agreement; Assignment
8.03 Jurisdiction; Venue

8.04 Validity
8.05 Notices
8.06 Governing Law

8.07 Descriptive Headings
8.08 Parties in Interest
8.09 Counterparts

8.10 Certain Definitions

Proxy Solicitation

Definitive proxy statement 11.09.06

Table of contents

Preliminary proxy statement 9.08.06

Table of contents

Deal Protection

No shop covenant

Merger agreement §5.2
Proxy statement disclosure

Break-up fee

$40mm, plus out-of-pocket expenses
Agreement §7.3
Proxy statement disclosure

Regulatory Approvals

HSR Act

Merger agreement §6.1
Proxy statement disclosure

Fairness Opinion

Citigroup fairness opinion

Proxy statement disclosure

Tax Matters

Disclosure

Proxy statement disclosure

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