Breaking News

ElkCorp Sale Price Rises

January 18, 2007

Private equity firm Carlyle has boosted its takeover offer for roofing products maker ElkCorp to about $834 million, or $40.50 per share ElkCorp said on Tuesday, topping a rival bid from Building Materials Corp. of America (BMCA). ElkCorp said in a statement that a special committee of its board approved the new deal and recommended that shareholders reject the rival offer from BMCA.
   
Carlyle's offer of $40.50 a share is an increase on the $38 a share offer it made on Dec. 18 and tops the latest bid from BMCA of $40 a share. BMCA originally made a $35 a share bid for ElkCorp in November.
   
ElkCorp, which makes roof shingles and lumber used for decking, has struggled in recent quarters with high material costs and a slump in new home construction. In November, Heyman Investment Associates Ltd. Partnership said it had bought more than 10% of the company and wanted to merge it with BMCA, which it controls.

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