The bidding war between The Carlyle Group and Building Materials Corporation of America for ElkCorp has ended, with The Carlyle Group dropping its offer for the roofing and building products manufacturer.
  ;
An affiliate of Building Materials Corporation of America (BMCA), a roofing manufacturer in North America, has agreed to buy ElkCorp for $43.50 a share in cash, or about $1.12 billion, including the assumption of about $173 million in debt.
  ;
The offer represents a 73% premium over ElkCorp’s closing share price on Nov. 3, 2006, the last trading day before ElkCorp announced it was considering strategic alternatives.
  ;
ElkCorp terminated its previous merger agreement with Carlyle.
  ;
BMCA, which operates under the name of GAF Materials Corporation, is an indirect subsidiary of G-I Holdings Inc. It had sales of $2 billion in 2005.
Related Links:
ElkCorp Receives Second Buyout Offer
Carlyle Group to Pay $1B for Building Product Supplier
More Breaking News
