Berkshire Hathaway Inc. on Thursday slightly reduced its per-share offer price for the remaining shares of Wesco Financial Corp. in advance of tomorrow’s special shareholder meeting on the $545 million deal.
The Omaha, Neb. holding company controlled by Warren Buffett is now offering $385 in cash and Class B stock for each of more than 1.4 million Wesco shares it doesn't own. Pasadena-based Wesco, which has businesses in insurance, furniture rental and steel services, has been an indirect subsidiary of Berkshire since 1983, and lead by longtime Buffett associate Charlie Munger.
The remaining 19.9 percent stake is held by institutional shareholders. The $387 per share offer first announced in February allowed for adjustment to the final price to account for changes in Wesco's investment portfolio, among other items.
Wesco shares closed up $1.88, or less than 1 percent, to $384.88 on the New York Alternet.
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