ElkCorp: Building Materials merger advances in absence of revised Carlyle proposal

By Lisa Kerner

Charlotte, N.C., Jan. 31 - The Carlyle Group will not submit a revised proposal in response to ElkCorp's decision to terminate the merger agreement between the two companies.

As a result, ElkCorp will be acquired by Building Materials Corp. of America for $43.50 per share, according to a company news release.

ElkCorp's board found the offer from Building Materials superior to The Carlyle Group's tender offer of $42.00 per share.

The Dallas-based roofing and building products manufacturer will pay Carlyle a $29 million termination fee, which Building Materials agreed to reimburse in full.

Building Materials is a San Francisco-based construction products company.

The Carlyle Group is a private equity firm located in New York.

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