Building Materials accepts 90.7% of ElkCorp shares in tender offer

By Lisa Kerner

Charlotte, N.C., Feb. 23 - Building Materials Corp. of America said it accepted 17,301,147 shares, or 90.7%, of ElkCorp common stock at a price of $43.50 cash per share under the previously announced tender offer that ended Feb. 21.

As a result, Building Materials now has control of ElkCorp under the terms of the merger agreement, according to a company news release.

Building Material has designated four representatives to replace ElkCorp board members who have resigned.

The second-step merger is expected to be completed on or before March 29.

Dallas-based ElkCorp, through its subsidiaries, manufactures roofing and building products.

Building Materials is a provider of construction services and building products based in San Francisco.

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