By Lisa Kerner
Charlotte, N.C., Feb. 2 - Building Materials Corp. of America and its affiliates extended the expiration date of their irrevocable and binding offer to acquire ElkCorp to Feb. 12, from Feb. 6, according to a company news release.
The extension, made at the request of the Dallas County Court, is due to a pending Feb. 9 hearing on a shareholder plaintiff action.
Building Materials has offered to acquire all of the outstanding common stock of ElkCorp for $43.50 per share.
ElkCorp has notified The Carlyle Group and its affiliates that it intends to terminate its merger agreement with the company and pay a $29 million termination fee. Carlyle had offered to acquire ElkCorp's outstanding common stock for $42.00 per share in cash in a tender offer and second-step merger.
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.
| Acquirer: | Building Materials Corp. of America
|
| Target: | ElkCorp
|
| Payment per share: | $43.50
|
| Announcement date: | Jan. 23
|
| Expiration date: | Feb. 12, extended from Feb. 6
|
| Stock price for target: | NYSE: ELK; $43.35 on Feb. 2
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