By Lisa Kerner
Charlotte, N.C., Jan. 18 - The Carlyle Group subsidiary CGEA Investors, Inc. is beginning a cash tender offer to purchase all the outstanding common shares of ElkCorp for $40.50 per share, or $1.05 billion, including the assumption of $173 million of net debt.
This latest offer represents a $2.50 increase from the group's prior offer of $38 per share on Dec. 18, according to a news release.
ElkCorp's board had recommended that its holders tender their shares in the offer, which expires Feb. 14.
Dallas-based ElkCorp, through its subsidiaries, manufactures Elk brand roofing and building products.
The Carlyle Group is a private equity firm located in New York.
| Acquirer: | The Carlyle Group
|
| Target: | ElkCorp
|
| Payment per share: | $40.50
|
| Announcement date: | Jan. 18
|
| Expected closing: | Feb. 14
|
| Stock price for target: | NYSE: ELK; $41.21 on Jan. 17
|
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