Berkshire Hathaway, the holding company led by billionaire investor Warren Buffett, said it is extending the offer because not all necessary clearances have been obtained, or waiting periods expired, under applicable antitrust laws, the same reason given for the last extension. The $1.29 billion takeover offer was launched in December for Berkshire Hathaway to buy all of the outstanding common shares of Johns Manville for $13 per share in cash.
Based on the latest count of tendered shares, about 129.2 million shares of Johns Manville common stock, or about 94 percent, were tendered and not withdrawn pursuant to the tender offer, Berkshire Hathaway said.
The Manville Personal Injury Settlement Trust, which owns about 74.4 percent of the outstanding Johns Manville shares, tendered all its shares of Johns Manville. Under the terms of the extension, holders of Johns Manville common stock may tender or withdraw shares until the new deadline, unless the offer is further extended. On Jan. 29, Berkshire Hathaway extended its tender offer to Feb. 14 from Jan. 29.
The U.S. Hart-Scott-Rodino and the Canadian Competition Act waiting periods, applicable to the tender offer have expired, Berkshire Hathaway said. The waiting period relating to antitrust laws in the European Union is not slated to expire until Feb 23.