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.
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.
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.
The board, at this time, continues to recommend that shareholders accept the Carlyle offer.
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