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ElkCorp: Building Materials merger advances in absence of revised Carlyle proposal
By Lisa Kerner
Charlotte, N.C., Jan. 31 - The Carlyle Group will not submit a revised proposal in response to ElkCorp's decision to terminate the merger agreement between the two companies.
As a result, ElkCorp will be acquired by Building Materials Corp. of America for $43.50 per share, according to a company news release.
ElkCorp's board found the offer from Building Materials superior to The Carlyle Group's tender offer of $42.00 per share.
The Dallas-based roofing and building products manufacturer will pay Carlyle a $29 million termination fee, which Building Materials agreed to reimburse in full.
Building Materials is a San Francisco-based construction products company.
The Carlyle Group is a private equity firm located in New York.
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