Berkshire Offered Its 30.8% Stake in USG to Knauf at $42 per ShareDr. David Kass
Berkshire Hathaway offered to sell its many year 30.8% stake in USG to privately held Knauf for $42 per share, representing a 25% premium over its closing price of $33.51 on March 23.
At Berkshire Hathaway’s 2017 annual meeting, Warren Buffett said: “Berkshire has held equity in USG through two bankruptcies: asbestos and too much debt, because it was very cheap. Gypsum is a disappointing business. Each time the business rebounds, management get too optimistic and they increase supply so that it exceeds demand. This was not a great idea.”