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News USG returns to the negotiating table with Knauf over potential sale

USG returns to the negotiating table with Knauf over potential sale

Written by Global Gypsum staff
02 May 2018
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US: The board of directors of USG has authorised its management to commence negotiations with Germany’s Knauf regarding a potential sale of the company. USG has advised Knauf that it is prepared to agree to a customary confidentiality agreement to facilitate sharing appropriate due diligence information. The board added that it, “…remains committed to acting in the best interests of all shareholders and will evaluate all options to do so.”

Knauf made a US$5.9bn bid for USG in March 2018 that was rejected. It then urged shareholders to vote against director nominees at USG’s annual general meeting. Warren Buffett, the chief executive officer Berkshire Hathaway, subsequently agreed to back the opposition to the directors. Berkshire Hathaway holds a 31% stake in USG and Knauf holds a 10.5% stake.

Published in Global Gypsum News
Tagged under
  • US
  • USG
  • Knauf
  • Acquisition
  • shareholders
  • Germany
  • Berkshire Hathaway

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