TRE Corp. Agrees to Be Acquired by Alcoa in Deal Valued at $330 Million

TRE Corp., the target of a proxy fight launched by television producer Burt Sugarman, said Friday that it has agreed to be acquired by Aluminum Co. of America for about $330 million.

The Los Angeles manufacturer of aerospace, marine and home products said Alcoa will pay $46.38 a share for TRE’s 6.9 million common shares and related obligations.

The sale comes less than a month before TRE’s annual meeting, in which management will be challenged by Sugarman and his Giant Group. Sugarman is chairman and controlling shareholder of Giant, a cement producer that owns about 17% of TRE. He is seeking a TRE board seat for himself and five other Giant nominees, including former TRE President Richard Loeffler.

Sugarman could not be reached for comment Friday.

TRE’s management has recommended that the company’s shareholders reject Giant’s proxy solicitation. Earlier this month, TRE filed suit in federal court here alleging that Giant and Sugarman included misrepresentations in their proxy materials for the TRE board seats.

On Friday, TRE said its board unanimously approved the sale to Alcoa. The company’s stock closed on the New York Stock Exchange at $42.375, up $1.50. Alcoa closed at $35.375, up 12.5 cents.

Pittsburgh-based Alcoa, a leading domestic aluminum producer, has been moving away from its traditional emphasis on primary aluminum ingot to put more effort on valued-added fabricated aluminum products. TRE produces lightweight metallic and non-metallic structures for aerospace and defense applications and home building products.