BERKSHIRE HATHAWAY INC. COMPLETES ACQUISITION OF
Omaha, Nebraska, September 20, 2001 - Berkshire Hathaway Inc. (NYSE: BRK.A, BRK.B) announced today the completion of the acquisition of XTRA Corporation by the merger of a Berkshire Hathaway wholly owned subsidiary with and into XTRA Corporation. As a result of the merger, XTRA Corporation is now a wholly owned subsidiary of Berkshire Hathaway. The merger follows a cash tender offer for all outstanding shares of XTRA Corporation at $55.00 per share, which was completed on September 17, 2001. As a result of the merger, each outstanding share of XTRA Corporation not owned by Berkshire Hathaway has been automatically converted into the right to receive $55.00 per share in cash. XTRA Corporation shareholders who did not tender their shares in the tender offer will receive a Notice of Merger and a Letter of Transmittal that will instruct them as to how to receive the $55.00 per share or, in the alternative, exercise appraisal rights under Delaware law.
XTRA Corporation leases, primarily on an operating basis, over-the-road trailers, marine containers, and intermodal equipment, including intermodal trailers, chassis and domestic containers.
Berkshire Hathaway 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.
Certain statements in this press release are "forward looking" statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements are not guaranties of future performance and actual results may differ materially from those forecasted.
FOR FURTHER INFORMATION CONTACT:
Berkshire Hathaway Inc.
Marc D. Hamburg - (402) 346-1400