{"id":3786,"date":"2018-05-01T20:06:40","date_gmt":"2018-05-01T20:06:40","guid":{"rendered":"http:\/\/noti-america.com\/site\/alemania\/?p=3786"},"modified":"2018-05-01T20:06:40","modified_gmt":"2018-05-01T20:06:40","slug":"buffett-backed-usg-to-open-sale-talks-with-germanys-knauf","status":"publish","type":"post","link":"https:\/\/noti-america.com\/site\/principal\/2018\/05\/01\/buffett-backed-usg-to-open-sale-talks-with-germanys-knauf\/","title":{"rendered":"Buffett-backed USG to open sale talks with Germany’s\u00a0Knauf"},"content":{"rendered":"
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U.S. building products company USG Corp (<\/span>USG.N<\/a><\/span>) on Tuesday said it agreed to open talks to sell itself to Germany\u2019s Gebr Knauf AG, a sale that could benefit Warren Buffett\u2019s Berkshire Hathaway Inc (<\/span>BRKa.N<\/a><\/span>), USG\u2019s largest shareholder.<\/span><\/p>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n

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Shares of USG rose to their highest since August 2007.<\/p>\n

USG had in March rejected a $5.9 billion takeover proposal by Knauf, its second-largest shareholder, that valued the wallboard maker at $42 per share.<\/p>\n

But USG changed its mind after Berkshire, which holds a roughly 31 percent stake, and two major proxy advisory firms recommended voting against four USG board nominees at the Chicago-based company\u2019s May 9 annual meeting.<\/p>\n

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\u00a0Merger talks may not succeed. USG signaled it might hold out for more than $42 per share and that Knauf \u201cwill see value in excess\u201d of its original bid.<\/div>\n<\/div>\n

\u201cGiven USG\u2019s having publicly endorsed in a recent investor presentation that it views its intrinsic value at $45 to $52 per share, I don\u2019t think they\u2019re that far apart from getting a deal over the finish line,\u201d said Garik Shmois, a senior analyst at Longbow Research, who rates USG \u201cneutral.\u201d<\/p>\n

Knauf, which recently held a 10.5 percent USG stake, said it was encouraged by USG\u2019s change of heart, although its original all-cash offer still reflected \u201cfull and fair\u201d value.<\/p>\n

\u201cWe are pleased that the board has acknowledged shareholders want to see a transaction,\u201d Knauf said.<\/p>\n

Berkshire did not immediately respond to a request for comment.<\/p>\n

In afternoon trading, USG shares were up $1.72, or 4.3 percent, at $41.95 on the New York Stock Exchange.<\/p>\n

Berkshire has owned a USG stake since 2000, held on as asbestos liabilities helped push USG into a five-year bankruptcy, and provided a $300 million lifeline in 2008 after the housing market imploded.<\/p>\n

At Berkshire\u2019s 2017 annual shareholder meeting, Buffett called USG \u201cnot one of my great ideas\u201d but \u201cno disaster.\u201d<\/p>\n

Berkshire had in March offered to sell its 43.4 million USG shares for at least $42 each, if Knauf bought the rest of USG for that price or more. Knauf would have paid Berkshire $2 per share up front for that privilege.<\/p>\n

\u201cIt shows that Berkshire has been frustrated with its investment in USG\u201d and that Knauf\u2019s bid was \u201cclose enough,\u201d Shmois said.<\/p>\n

\u00a0A sale would add to Berkshire\u2019s roughly $116 billion of cash and equivalents, giving Buffett more ammunition for one or more of the \u201chuge\u201d non-insurance acquisitions he has said he wants.<\/div>\n

Berkshire\u2019s 2018 annual meeting will be held on Saturday.<\/p>\n

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Source:reuters<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n","protected":false},"excerpt":{"rendered":"

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