The Lubrizol Corp. recently announced that its shareholders overwhelmingly approved the acquisition of the company by Berkshire Hathaway for $135 per share in an all-cash transaction. Approximately 95% of the votes cast, in person or by proxy, voted in favor of the merger. In total, 49.4 million (77%) of the shares outstanding as of the April 27 record date were represented at the special meeting, constituting a quorum. The adoption of the merger agreement required an affirmative vote of a simple majority of the Lubrizol common shares outstanding.
“With this approval, we are one step closer to becoming a wholly owned subsidiary of Berkshire Hathaway,” said James L. Hambrick, Lubrizol chairman, president, and CEO. “I am excited about the future of Lubrizol. The acquisition leaves us well-positioned to continue executing our growth agenda, which includes geographic expansion, product innovation, investment in infrastructure and complementary acquisitions."
For more information, visitwww.lubrizol.com.
Lubrizol Shareholders Approve Acquisition
June 20, 2011