The Dance Continues Between USG and Knauf; Raised FVE to $46 on Increased Probability of a Deal
On May 1, USG announced that its board of directors has authorized management to negotiate with Knauf, which had previously made an unsolicited bid to acquire all of USG’s outstanding stock for $42 per share. As we had previously reported, USG rejected Knauf’s offer, noting that the $42 per share bid significantly undervalued USG. Knauf reacted to the rejected bid by starting a “vote no†campaign to bring USG to the bargaining table. Given that Berkshire Hathaway, USG’s largest shareholder, with...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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