Building Materials gets financing commitment for proposed buyout of ElkCorp

By Sara Rosenberg

New York, Dec. 11 - Building Materials Corp. of America has obtained financing commitments from Deutsche Bank and Bear Stearns to back its proposed acquisition of ElkCorp, according to a company news release.

Under the acquisition proposal, which was announced in November, Building Materials offered to purchase ElkCorp for $35.00 per share.

In response to the proposal, ElkCorp said in November that it will evaluate and consider the offer, that its board is engaged in a review of the company's strategic alternatives and it has retained UBS Investment Bank to assist in this process. The company added that a definitive timetable for completion of its evaluation has not been set.

Building Materials is a Wayne, N.J.-based roofing manufacturer. ElkCorp is a Dallas-based manufacturer of roofing and building products.

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