RTI Stockholders Approve Merger With Alcoa

(RTTNews) - Titanium supplier RTI International Metals Inc (RTI) said its shareholders approved its merger with Alcoa Inc (AA), and the company expects to close the transaction on July 23.

At its annual meeting of shareholders held Tuesday, more than 94% of the shares voted at the meeting were in favor of the merger, representing nearly 85% of all of its outstanding shares, RTI said.

In March, RTI agreed to be acquired by Alcoa for an enterprise value of $1.5 billion; Alcoa will buy all outstanding shares of RTI in a stock-for-stock transaction whereby RTI shareholders will receive 2.8315 Alcoa shares for each RTI share.