Following the offering, the remaining shares will be subject to lock-up arrangements that are expected to expire in the fourth quarter of 2001. Dal-Tile will not receive any proceeds from the sale of the shares. The offering is expected to be completed in the second quarter of 2001. The timing of the filing of the registration statement and the commencement of the offering are dependent on market conditions and other factors and are subject to change.
Jacques Sardas, chairman, president and CEO of Dal-Tile, stated, ``AEA has been a long time partner and investor in Dal-Tile and we have always valued and appreciated their support. Their desire to obtain liquidity is understandable. Looking ahead, the offering will result in an increased stock float and a broader shareholder base, which we believe will benefit Dal-Tile.''
Dal-Tile is the largest manufacturer, distributor and marketer of ceramic tile in the United States. Headquartered in Dallas, the company has approximately 7,600 employees at its facilities in North America.