Berkshire buys rest of Shaw for $354.6 million in stock
OMAHA, Neb. -- Berkshire Hathaway Inc. (NYSE:BRK.A, BRK.B) has agreed to acquire the remaining 12.7 percent of Shaw Industries, Inc. common shares not previously owned by Berkshire. Under terms of the agreement, Berkshire acquired the Shaw common shares in exchange for 4,740 Class A Berkshire common shares (or their Class B equivalent).
These shares were formerly owned by a group consisting of Shaw CEO Robert E. Shaw, Shaw president Julian D. Saul, members of Mr. Shaw's and Mr. Saul's immediate families, and certain other members of Shaw management, among others.
In commenting on the transaction Robert E. Shaw and Julian D. Saul stated, "This transaction recognizes the true nature of the partnership that our company has with Berkshire Hathaway by placing all of us in the position of common ownership. We are very pleased to have Warren Buffett and Berkshire Hathaway as our business partner."
Shaw Industries, Inc. (www.shawinc.com) is the world's largest manufacturer of tufted broadloom carpet. Headquartered in Dalton, Ga., Shaw sells carpeting and rugs for residential and commercial applications throughout the United States and exports to most markets worldwide. Through its network of commercial dealers known as Shaw Contract Flooring Services, Shaw also sells commercial flooring products directly and provides installation and project management services.
Omaha-based Berkshire Hathaway (www.berkshirehathaway.com) is a holding company owning subsidiaries engaged in a number of diverse business activities. The most important of these is the property and casualty insurance business conducted on both a direct and reinsurance basis through a number of subsidiaries.