OLD GREENWICH, Conn., Aug. 22 /PRNewswire-FirstCall/ -- Premcor Inc.
(NYSE: PCO) announced that, pursuant to the Agreement and Plan of Merger
("Merger Agreement") with the Valero Energy Corporation (NYSE: VLO), the
election deadline for Premcor stockholders to elect the right to receive
either (1) 0.99 Valero shares, plus cash in lieu of any fractional shares, or
(2) $72.76 in cash (Premcor stockholders may also elect cash for some of their
Premcor shares and Valero shares for others) is Monday, August 29, 2005 at
5:00 p.m. Eastern Standard Time. Elections are subject to proration as
described in the proxy statement/prospectus. Because the exchange ratio is
fixed, the value of the stock consideration will vary with the trading price
of Valero shares and may be different from the value of the cash
consideration.
To make a valid election, a stockholder must, at or before this time,
deliver to Computershare Trust Company of New York, the Exchange Agent for the
merger, a properly completed Form of Election and Letter of Transmittal
(previously sent to Premcor shareholders), together with Premcor stock
certificates, or confirmation of a book-entry transfer into the Exchange
Agent's account at the Depository Trust Company, as to those Premcor shares
for which they wish to make an election (or instead properly follow the notice
of guaranteed delivery procedure described in Instruction 15 to the Form of
Election and Letter of Transmittal).
Premcor stockholders may obtain additional copies of the Form of Election
and Letter of Transmittal by contacting The Altman Group, Inc. at
800-591-8254.
Premcor Inc. is one of the largest independent petroleum refiners and
marketers of unbranded transportation fuels and heating oil in the United
States.
PROXY STATEMENT/PROSPECTUS INFORMATION
Investors and security holders are urged to read the proxy
statement/prospectus regarding the proposed merger. The proxy
statement/prospectus contains important information. The proxy
statement/prospectus was first mailed to Premcor stockholders on or about
July 15, 2005. Investors and security holders may obtain a free copy of the
proxy statement/prospectus and other documents filed by Valero and Premcor
with the SEC at the SEC's web site at http://www.sec.gov. The proxy
statement/prospectus and these other documents may also be obtained free of
charge from Valero and Premcor. Premcor stockholders should read the
definitive proxy statement/prospectus carefully before making a decision
concerning the merger.
Premcor, and its directors, executive officers and certain other of its
employees, may be deemed to be soliciting proxies from its stockholders in
favor of the approval of the merger and related matters. Information
regarding the persons who may, under SEC rules, be deemed to be participants
in the solicitation of Premcor stockholders in connection with the merger is
set forth in the proxy statement/prospectus referred to above.
SOURCE Premcor Inc.
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Related links:
http://www.premcor.com
CONTACT:
Karyn Ovelmen, +1-203-698-5669
(Media/Investors), or Colin Murray, +1-203-698-5921 (Investors),
both of Premcor Inc.
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