BMCA raises bid for ElkCorp to $950M |
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Tue, 23 Jan 2007 23:21
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WASHINGTON (AFX) - In a bidding war for roofing and building materials maker ElkCorp, Building Materials Corporation of America on Tuesday raised an earlier bid, offering $43.50 per share, or close to $950 million.ElkCorp's board had already accepted on Monday a $915 million offer, or $42 per share, from the Carlyle Group, a private-equity firm. Carlyle had raised an earlier bid to match BMCA's previous offer.Building Materials' new bid is worth $948.3 million.Under the company's agreement with Carlyle, the board and a special committee must now review BMCA's latest offer and make a recommendation to shareholders. The company urged shareholders not to take any action until the board makes its recommendations.Shares of ElkCorp rose 52 cents, or 1.19 percent, to $44.13 in afternoon trading 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 This material may not be published, broadcast, rewritten, or redistributed.
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ElkCorp gets increased 43.50 usd/shr offer from BMCA 