ElkCorp, Dallas, TX, manufacturer of roofing and building products, has received another offer to purchase all of ElkCorp’s outstanding shares for $42 a share by an affiliate of Building Materials Corporation of America.
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The special committee and board of directors, consistent with its recently announced merger agreement with The Carlyle Group, will review the offer and make a recommendation to ElkCorp’s shareholders.
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On January 16, 2007, ElkCorp announced that it has entered into an amended merger agreement with Carlyle, under which Carlyle commenced an offer to acquire all of ElkCorp’s outstanding shares for $40.50 per share. The revised Carlyle tender offer represents a $2.50 increase over the $38.00 price per share provided in the original merger agreement with Carlyle, which was announced Dec. 18, 2006.
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The board, at this time, continues to recommend that shareholders accept the Carlyle offer.
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