Carlyle raises bid for ElkCorp |
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Published
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Mon, 22 Jan 2007 19:30
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DALLAS (AFX) - ElkCorp said Monday that the private-equity firm Carlyle Group has raised its bid for the maker of roofing and building products to about $927 million to match a competing offer.ElkCorp said its board had accepted the latest Carlyle bid of $42 per share in cash, slightly below ElkCorp's closing stock price Friday of $42.68 per share. Carlyle would also assume $173 million in debt in debt in the deal.The price would match Building Materials Corp. of America, which had raised its offer by $2 on Friday.Dallas-based ElkCorp had already recommended that its shareholders accept Carlyle's Jan. 16 offer of $40.50 per share. Carlyle's latest bid is scheduled to expire at midnight Feb. 14.Carlyle would finance the purchase with stock and debt financing provided by Bank of America, Merrill Lynch and General Electric Capital Corp.ElkCorp makes Elk brand roofing and building products.Shares of ElkCorp rose 51 cents to $43.19 in afternoon trading on the New York Stock Exchange. The shares closed at $25.18 on Nov. 3, the last trading day before ElkCorp announced that its board and management were reviewing the company's strategic alternatives.Copyright 2006 Associated Press. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
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ElkCorp gets higher bid from Carlyle 