Berkshire Hathaway Successfully Completes Cash Tender Offer for Benjamin Moore & Co.Business Editors OMAHA Omaha, city, United States Omaha (ō`məhä, –hô), city (1990 pop. 335,795), seat of Douglas co., E Nebr., on the west bank of the Missouri River; inc. 1857. , Neb.--(BUSINESS WIRE)--Dec. 18, 2000 Berkshire Hathaway Inc. (NYSE NYSE See: New York Stock Exchange : BRK.A, BRK.B) announced today the successful completion of the cash tender offer by B Acquisition, Inc., a wholly owned subsidiary Wholly Owned Subsidiary A subsidiary whose parent company owns 100% of its common stock. Notes: In other words, the parent company owns the company outright and there are no minority owners. of Berkshire Hathaway, for all outstanding shares of the common stock of Benjamin Moore & Co. (OTCBB OTCBB See OTC Bulletin Board (OTCBB). : MBEN.OB). The tender offer expired, as scheduled, at 12:00 midnight, New York City New York City: see New York, city. New York City City (pop., 2000: 8,008,278), southeastern New York, at the mouth of the Hudson River. The largest city in the U.S. time, on Friday, December 15, 2000. Berkshire Hathaway, through B Acquisition, has accepted for purchase all shares validly tendered and not withdrawn prior to the expiration of the offer at the price of $37.82 per share in cash. Based on information provided by EquiServe Trust Company, N.A., the depositary for the tender offer, approximately 26,122,742 shares of Benjamin Moore common stock have been acquired by B Acquisition out of approximately 26,469,381 shares currently outstanding, or approximately 98.7% of all outstanding shares. Payment for shares properly tendered and accepted will be made as promptly as practicable and, in the case of shares tendered by guaranteed delivery procedures, promptly after timely delivery of shares and required documentation. As previously announced, Berkshire Hathaway will acquire the remaining shares of Benjamin Moore common stock through a merger pursuant to which each remaining share of Benjamin Moore common stock will be converted into the right to receive $37.82 in cash and following which Benjamin Moore will become a wholly owned subsidiary of Berkshire Hathaway. Berkshire Hathaway and Benjamin Moore expect to consummate the merger as soon as practicable. Benjamin Moore, a leading manufacturer and retailer of premium paints, stains, and industrial coatings, was founded in 1883. Headquartered in Montvale, New Jersey Montvale is a borough in Bergen County, New Jersey, United States. As of the United States 2000 Census, the borough population was 7,034. Montvale was incorporated as a borough on August 31, 1894, from portions of both Orvil Township and Washington Township, at the height , Benjamin Moore's products are distributed throughout North America through a network of authorized dealers. Berkshire Hathaway is a holding company which owns subsidiaries engaged in a diverse number of business activities. The most important of these is the property and casualty insurance business conducted on both a direct and reinsurance The contract made between an insurance company and a third party to protect the insurance company from losses. The contract provides for the third party to pay for the loss sustained by the insurance company when the company makes a payment on the original contract. basis through a number of subsidiaries. |
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