The Carlyle Group has increased its offer to buy roofing and building products manufacturer ElkCorp for the second time in less than a week. The new agreement values ElkCorp at approximately $1.1 billion (€850 million), the company said. That figure includes $173 million in debt.
In the most recent offer, Carlyle will buy all of ElkCorp’s outstanding shares of common stock for $42 in cash per share. The new share price is 67 greater than the company’s closing share price on November 3, the day before the company made public its plans to examine its financial options.
Carlyle’s original offer, presented in December, was to buy the company for $38 in cash per share, a total of approximately $1 billion. The firm increased that offer last week to $40.50 in cash per share, making the company worth about $1.05 billion.
Bank of America, Merrill Lynch Capital Corporation and General Electric Capital will provide the debt financing for the transaction.