For Immediate Release
BERKSHIRE HATHAWAY INC. COMPLETES ACQUISITION OF
JUSTIN INDUSTRIES, INC.
Omaha, Nebraska, August 1, 2000 - Berkshire Hathaway Inc. (NYSE: BRK.A, BRK.B) announced today the completion of the acquisition of Justin Industries, Inc. by the merger of a Berkshire Hathaway wholly owned subsidiary with and into Justin Industries. As a result of the merger, Justin Industries is now a wholly owned subsidiary of Berkshire Hathaway. The merger follows a cash tender offer for all outstanding shares of Justin Industries at $22.00 per share, which was completed on July 25, 2000. As a result of the merger, each outstanding share of Justin Industries not owned by Berkshire Hathaway has been automatically converted into the right to receive $22 per share in cash. Justin Industries 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 $22 per share or, in the alternative, exercise appraisal rights under Texas law.
Justin Industries includes Acme Building Brands - Acme Brick Company, the leading domestically owned United States manufacturer of face brick; Featherlite Building Products Corporation, the leading Southwest producer of concrete masonry products; and American Tile Supply Company, a major Texas distributor of ceramic and marble floor and wall tile, and Justin Brands - Justin Boot Company®, Nocona Boot Company®, Tony Lama Company®, and Chippewa Shoe Company®.
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.
FOR FURTHER INFORMATION CONTACT:
Berkshire Hathaway Inc.
Marc D. Hamburg - (402) 346-1400