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TI Group Announcement Re: Walbro

26 May 1999

TI Group Announcement Re: Walbro

    LONDON--May 24, 1999--TI Group plc announced today that the initial investigation period with respect to its notification to the European Commission for the proposed acquisition by TI Automotive Systems, Inc., an indirect wholly owned subsidiary of TI Group plc, of all of the shares of Walbro Corporation, at $20 net per share in cash pursuant to a tender offer and merger, is set to expire at midnight, Brussels time, on June 15, 1999, unless earlier terminated by the European Commission. The European Commission's approval for TI Automotive Systems to proceed with the proposed acquisition will be deemed to have been granted if the European Commission does not initiate a second phase investigation or refer the matter to the national authority of a European Union member prior to the expiration of the initial investigation period.
    Innisfree M&A Incorporated is acting as the Information Agent for the tender offer.