ElkCorp (ELK) Issues Statement Regarding Acquisition Offer From BMCA
ElkCorp (NYSE: ELK) confirmed that it has received notice that the affiliate of Building Materials Corporation of America (BMCA) that had previously commenced a cash tender offer to purchase all of ElkCorp's outstanding shares for $42.00 per share has increased its tender offer price to $43.50 per share.
The Special Committee and the Board of Directors of ElkCorp, consistent with their fiduciary duties and the Company's obligations under its existing merger agreement with The Carlyle Group (Carlyle), will review the BMCA tender offer and make a recommendation to ElkCorp's shareholders. The Board urges its shareholders not to take any action with respect to the BMCA offer until the Board makes its recommendation.
The Special Committee and the Board of Directors of ElkCorp, consistent with their fiduciary duties and the Company's obligations under its existing merger agreement with The Carlyle Group (Carlyle), will review the BMCA tender offer and make a recommendation to ElkCorp's shareholders. The Board urges its shareholders not to take any action with respect to the BMCA offer until the Board makes its recommendation.
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