TPG begins $22.31-per-share tender offer for 8% of Armstrong's shares

By Lisa Kerner

Charlotte, N.C., Sept. 3 - Armor TPG Holdings LLC, a TPG Capital affiliate, announced it began a tender offer to purchase up to 4,435,935 shares, or about 8%, of Armstrong World Industries, Inc.'s common stock for $22.31 each.

The tender offer will expire at midnight ET on Oct. 1, according to a TPG news release.

Armstrong's shares closed at $29.21 (NYSE: AWI) on Wednesday.

The purpose of the offer is to comply with Armstrong governing documents following Armor's acquisition of 7 million shares of Armstrong's common stock as well as an economic interest in approximately 1 million additional shares of the company's stock from the Armstrong World Industries Inc. Asbestos Personal Injury Settlement Trust.

The information agent for the tender offer is Georgeson Inc. (888 219-8353).

Armstrong is a Lancaster, Pa.-based flooring products maker.

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