Carlyle raises offer for ElkCorp |
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Published
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Tue, 16 Jan 2007 13:48
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DALLAS (AFX) - Building and roofing products maker ElkCorp said Monday private-equity firm Carlyle Group raised its takeover bid to $40.50 per share, from a previous offer of $38 per share.The new offer values the company at about $877 million, plus the assumption of $173 million in debt.Carlyle will launch a tender offer to acquire all outstanding common shares of ElkCorp on or before Thursday.The takeover offer was first announced in December. Earlier this month, Building Materials Corp. of America offered a competing bid of $40 per share.ElkCorp's board has approved Carlyle's bid and last week recommended shareholders reject Building Materials Corp. of America's offer, saying the proposal was 'excessively conditional, lacks appropriate financing and is potentially illusory.'ElkCorp shares closed Friday at $40 on the NYSE.Copyright 2006 Associated Press. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
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Reports say Carlyle is Kingston bidder 