Berkshire Hathaway to buy Burlington Industries for 0.58 times revenue

From: Weekly Corporate Growth Report | Date: February 17, 2003| Author: | Copyright information

The Deal: Berkshire Hathaway has entered into a definitive agreement to acquire bankrupt Burlington Industries Inc. for $579 million in cash, paid to Burlington's creditors. Under the terms of the agreement, Burlington's creditors would be paid in full and all shares of Burlington stock would be canceled. After emerging from Chapter 11 bankruptcy, Burlington would operate as a wholly owned subsidiary of Berkshire Hathaway. The deal still requires approval of the bankruptcy court. Burlington accepted the Berkshire Hathaway offer over a competing bid from WL Ross & Co.

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