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  "documentTitle": "Tronox Incorporated (TROX)",
  "authorId": "08_Sandell",
  "authorName": "Sandell Asset Management",
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  "presentationDate": "2011-12-01 00:00:00",
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  "notes": "This slide outlines the deal structure, including equity stakes, cash components, BEE compliance, and lockup/standstill provisions.",
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      "text": "The transaction is enormously strategic for TROX and Exxaro. TROX will now be able to secure ore supply resulting in 100% vertically integration (previously, the company was only one-third integrated).",
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      "text": "The transaction is enormously strategic for TROX and Exxaro. TROX will now be able to secure ore supply resulting in 100% vertically integration (previously, the company was only one-third integrated). Through its significant equity interest, Exxaro will participate in the benefit of a fully-integrated TiO2 producer with the ability to increase its stake in the new entity over the next several years",
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      "text": "Exxaro's shares will be subject to a 3-year lockup period; standstill agreement limits Exxaro's ownership to less than 45% until the 3rd anniversary of the deal. Beyond that, board approval and/or majority support from unaffiliated TROX shareholders would be required in order for Exxaro to increase its stake above 50%",
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      "text": "Exxaro will retain a 26% direct interest in the South African assets in order to satisfy South African Black Economic Empowerment (BEE) ownership requirements. 1.4 million shares have been allocated to future issuance in exchange for the 26% interest in the case that BEE compliance structure is no longer required",
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      "text": "On 9/26, TROX announced the acquisition of Exxaro's mineral sands business in exchange for a 38.5% equity stake in New TROX. TROX shareholders are set to receive one share in New Tronox (effectively, the remaining 61.5% of the combined company) and $12.50/share in cash, which is to be funded by near-term cash flow generation. Transaction is expected to close in H1-2012",
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      "text": "The Exxaro deal includes its mineral sands assets, which consist of KZN Sands and Namakawa in South Africa that produce slag, zircon, pig iron and rutile, as well as Exxaro's 50% interest in the TiWest JV",
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