Carlyle Group to buy roofing firm ElkCorp
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Carlyle Group agreed to acquire ElkCorp for $1 billion including debt and said it would merge the maker of roofing and building products with a rival company to weather a weak U.S. housing market.
Shareholders of Dallas-based ElkCorp would receive $38 in cash for each of their shares, 51% more than the closing price Nov. 3, the day the company announced it was considering a sale.
Carlyle said in a separate statement that it would combine ElkCorp with Atlas Roofing Corp., a subsidiary of Hood Cos.
ElkCorp’s stock rose $2.96, to $38.81.
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