ElkCorp gets higher bid from Carlyle |
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Mon, 22 Jan 2007 15:39
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DALLAS (AFX) - ElkCorp, which makes roofing and building products, on Monday said private equity firm Carlyle Group raised its takeover bid to $42 per share, matching a competing offer from Building Materials Corp. of America.BMCA raised its bid Friday by $2, putting pressure on Carlyle to respond with a higher offer, even though ElkCorp had already recommended its shareholders accept Carlyle's $40.50 per-share offer.On Monday, ElkCorp said it amended its agreement with Carlyle to reflect the company's higher bid, which will expire at midnight Feb. 14.ElkCorp said the $42 bid values the company at $927 million, plus the assumption of $173 million in debt. Carlyle plans to finance the purchase with a combination of equity and debt financing provided by Bank of America, Merrill Lynch and General Electric Capital Corp.ElkCorp shares closed Friday at $42.68 on the New York Stock Exchange.Copyright 2006 Associated Press. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
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Carlyle raises offer for ElkCorp 