USG's Board Rejects Unsolicited $42 per Share Bid by Germany-Based Knauf
On March 26, USG’s board of directors unanimously rejected Knauf’s bid to acquire 100% of USG’s shares for $42 each. Including USG’s net debt, this equates to a total enterprise value of about $6.6 billion, or about 10.5 times our estimate for USG’s 2018 EBITDA. The $42 per share offer is approximately 10.5% above our previous $38 fair value estimate and represents about a 25% premium to USG’s March 23 closing stock price. We are increasing our fair value estimate for USG to $42 per share, which...
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