COMPLETES ACQUISITION OF BENJAMIN MOORE & CO.
Omaha, Nebraska, and Montvale, New Jersey ― January 2, 2001 ― Berkshire Hathaway Inc. (NYSE: BRK.A, BRK.B) and Benjamin Moore & Co. (OTCBB: MBEN.OB) announced that the merger of Benjamin Moore with a wholly owned subsidiary of Berkshire Hathaway was consummated on January 1, 2001. As a result of the merger, Benjamin Moore is now a wholly owned subsidiary of Berkshire Hathaway.
The merger was effected under New Jersey law, which allows the owner of at least 90% of a corporation’s outstanding stock to effect such a merger without the need for a shareholder vote. Prior to the merger, Berkshire Hathaway had acquired approximately 98.7% of the outstanding stock of Benjamin Moore in a tender offer which expired on December 15, 2000.
As a result of the merger, each outstanding share of Benjamin Moore stock that was not owned by Berkshire Hathaway at the time of the merger has been converted automatically into the right to receive $37.82 in cash. This is the same amount that was paid for each share purchased by Berkshire Hathaway in the tender offer. Benjamin Moore shareholders who did not tender their shares in the tender offer will receive a Letter of Transmittal that will instruct them on how to surrender their share certificates for payment.
Benjamin Moore, a leading manufacturer and retailer of premium paints, stains, and industrial coatings, was founded in 1883. Headquartered in Montvale, New Jersey, 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 basis through a number of subsidiaries.
FOR FURTHER INFORMATION, PLEASE CONTACT:
|Berkshire Hathaway:||Marc Hamburg|
|Benjamin Moore:||Eileen McComb|
|Hill and Knowlton:||Marisa Jacobs|