January 24, 2007
On January 23, Willkie client Building Materials Corp. of America submitted a $1.15 billion bid for roofing and building products maker ElkCorp. This bid, at $43.50 per share, tops previous bids made by Washington buyout house Carlyle Group. New Jersey-based BMCA already holds a 10.4% stake in ElkCorp. BMCA’s latest bid, which includes $173 million of debt, gives ElkCorp shareholders a roughly 73% premium to the stock's closing price on Nov. 3, the last trading day before ElkCorp announced that it had hired UBS Investment Bank to help it review its strategic alternatives. The matter is being handled by partners Maurice Lefkort and David Rubinsky, and associates Suzanne Sylvester, David Mrazik, Jarret Slepian, Seth Zelnick and Adam Orford.
