Armstrong World shareholders tender 1,149 shares in Armor TPG's offer

By Lisa Kerner

Charlotte, N.C., Oct. 2 - Armstrong World Industries, Inc. shareholders tendered a total of 1,149 shares of common stock in Armor TPG Holdings LLC's offer that ended Thursday.

On Sept. 3, Armor, a TPG Capital affiliate, announced it began a tender offer to purchase up to 4,435,935 shares, or about 8%, of Armstrong's common stock for $22.31 each.

As previously reported, Armstrong's shares closed at $29.21 (NYSE: AWI) on Sept. 2.

TPG Capital said it made the offer to comply with some requirements in Armstrong's governing documents. Armor acquired 7 million shares of Armstrong's common stock and an economic interest in approximately 1 million additional shares from the Armstrong World Industries, Inc. Asbestos Personal Injury Settlement Trust on Aug. 28.

According to TPG Capital, it told Armstrong shareholders they may be able to obtain a higher price by selling shares in the open market rather than in the offer.

Armor continues to directly own approximately 12.2% of the Lancaster, Pa.-based flooring products maker's outstanding shares.

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