Warren Buffett's Berkshire Hathaway Inc. said the price it is offering to pay for the shares it doesn't own in its Pasadena subsidiary Wesco Financial Corp. is "fair" and it doesn't intend to pay more to boost its ownership in Wesco to 100 percent.

On Wednesday, Berkshire submitted a letter to the board of directors at Wesco to formally propose its offer to buy the 19.9 percent stake Berkshire doesn't already own for a price per share that will be determined by Wesco's book value around the time the deal closes, likely sometime in the fourth quarter of this year.

Wesco on Wednesday said its board of directors has formed a special committee comprised of three independent directors to evaluate Berkshire's offer. It said there is no assurance the deal will be completed. The company's book value, which represents its assets minus its liabilities, was around $353 per share at the end of June, and has likely changed since then.

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