RTI shareholders to vote on Alcoa merger July 21

NILES — RTI International Inc. shareholders will take a vote July 21 on the future $1.5 billion merger with Alcoa, a leading metals company.

Shareholders will take the vote during their annual meeting in Seven Springs, Pa., according to a June filing with the U.S. Securities and Exchange Commission.

In March, RTI, a titanium company which was based in Weathersfield before moving to Pittsburgh in 2008, reached a definitive merger agreement with Alcoa.

Under the terms of the agreement, Alcoa will acquire all outstanding shares of RTI in a stock-for-stock transaction. RTI shareholders will receive 2.8315 Alcoa shares for each RTI share, representing a value of $41 per RTI share based on Alcoa’s closing price on March 6, 2015. The transaction has an enterprise value of $1.5 billion, including $330 million of RTI cash on hand and up to $517 million in RTI’s convertible notes.

RTI still has a location in Niles. During a plant tour in April, the CEO of Alcoa, Klaus Kleinfeld, told employees there to “get ready for more business.”