Knauf’s Bid to Acquire USG Turns Hostile; Maintaining $42 per Share FVE
On April 10, Knauf, which in late March had offered $42 per share to acquire USG, sent a letter to USG’s shareholders. Knauf is requesting shareholders vote against USG’s four board of director nominees at the firm’s annual meeting in May. Knauf hopes that a successful “withhold†campaign will bring USG back to the bargaining table. As a reminder, Knauf currently owns approximately 11% and Berkshire Hathaway owns approximately 31% of USG. As previously disclosed, Berkshire is willing to grant Kn...USG is a manufacturer of building materials and solutions. The company's segments are: Gypsum, which manufactures and markets gypsum and related products primary used in a variety of building applications; Performance Materials, which manufactures and markets products used in a variety of interior and exterior building applications of residential, nonresidential buildings and industrial; Ceilings, which manufactures and markets ceiling interior systems products including ceiling tile, ceiling grid, and specialty ceilings; and USG Boral Building Products, which manufactures and distributes products for wall, ceiling, floor lining and exterior systems that utilize gypsum wallboard.
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