Thursday, December 6, 2007

Armstrong reportedly in talks with Buffett’s firm (AWI; BRK.A)

From the Lancaster Intelligencer-Journal:

Armstrong World Industries may sell off assets to buy back shares from a controlling trust that was established when it emerged from bankruptcy in October 2006.

DealReporter, an independent research service, cited an unnamed Armstrong source in a report Tuesday that suggests the company could make a deal before the end of this month.

Armstrong, a Lancaster-based maker of flooring and building products, began a review 10 months ago of its "strategic alternatives."

DealReporter reported that a source said Armstrong had rejected an offer from Berkshire Hathaway to acquire all of Armstrong because the company thought the bid was insufficient....MORE