Buffett Joins USG Shareholder Revolt as Berkshire Seeks Exit
- Berkshire to vote against drywall maker’s board slate
- USG deems Knauf’s $5.9 billion bid as ‘wholly inadequate’
Buffett to Rebuff USG Board Slate as Berkshire Seeks Exit
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Berkshire Hathaway Inc. threw its weight behind a Knauf-led shareholder revolt against USG Corp.’s board, signaling Warren Buffett’s desire to exit as the largest investor in the wallboard maker.
Berkshire said it will heed a call by Germany’s Knauf for shareholders to vote against USG’s four board nominees, applying pressure on the company to reconsider a $5.9 billion acquisition bid. USG has spurned the offer of $42 a share, while Berkshire has said it would accept that amount if a sale is approved.