Berkshire Hathaway tenders offer to acquire Shaw Industries

Shaw Industries has announced that Berkshire Hathaway Inc. has offered to purchase between 80.1% and 86% of the outstanding shares of Shaw Industries for $19 per share in cash, subject to approval of Shaw’s board of directors. The offer is not subject to any financing contingencies.

The offer is contingent on Robert E. Shaw, the chairman of the board of directors and chief executive officer, and Julian D. Saul, the president of Shaw Industries, together with members of their immediate families, each retaining a minimum 5% ownership interest. Other shares not purchased by Berkshire Hathaway would be owned by other members of management of Shaw Industries, and members of the Shaw and Saul families not included in the 5% ownership requirement.