Detroit Diesel Merges With DaimlerChrysler

Thursday, August 03, 2000
Detroit Diesel Corp. has signed a definitive merger agreement with a subsidiary of DaimlerChrysler AG. The agreement calls for DaimlerChrysler, a shareholder of DDC since 1993 that currently owns 21.3 percent of the outstanding common shares of DDC, will commence a cash tender offer for the remaining 78.7 percent of DDC at a price of $23 per common share - for a total transaction value of $423 million. Penske Corp., which owns 48.6 percent of the outstanding common shares of DDC, has committed to tender its shares to DaimlerChrysler.

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