Lukens Shareholders to Vote Today to Merge
with Bethlehem Steel Corporation
For Immediate Release
Public Relations Division
Public Affairs Department
1170 Eighth Avenue
Bethlehem, PA 18016-7699
(610) 694-3711 - Phone
(610) 694-1509 - Fax
BETHLEHEM, Pa., May 28, 1998 -- Bethlehem Steel Corporation and Lukens Inc. confirmed that the Lukens stockholders will vote on the merger of Lukens and Bethlehem at a special meeting to be held today, May 28. The merger is expected to be completed tomorrow, May 29. Bethlehem and Lukens announced the estimated results of the cash elections and the resulting proration calculations in connection with the merger agreement between Bethlehem and Lukens.
Holders of Lukens common stock had the opportunity, until 5:00 p.m. on May 27, 1998, to elect to receive cash in the merger. As of that time, cash elections had been made with respect to about 1.99 million shares of Lukens common stock. Based on these estimated results, each share of Lukens common stock for which a cash election was made will be converted in the merger into the right to receive $30. Each share of Lukens common stock for which a cash election was not made will be converted into the right to receive about $19.07 cash and 1.05 shares of Bethlehem common stock. Each share of Lukens Series B ESOP Convertible Preferred Stock will be converted into the right to receive about $57.21 cash and 3.15 shares of Bethlehem common stock.
The final results of the cash elections will not be available until after the merger is completed.