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Berkshire Hathaway To Acquire Shaw Industries

Shaw Industries Inc., Dalton, Ga., has announced that Berkshire Hathaway Inc., Omaha, Neb., has offered to purchase between 80.1 and 86 percent of the outstanding shares of Shaw Industries for $19 per share in cash. The offer is subject to approval of Shaws Board of Directors and is not subject to any financing contingencies.Robert E. Shaw, CEO and chairman of the Board of Directors, Shaw Industries, and Julian D. Saul, president, Shaw Industries, together with members of their immediate families, will each retain a minimum 5 percent ownership interest. Other shares not purchased by Berkshire Hathaway would be owned by other members of management of Shaw Industries. Shaw will continue to operate under its current management with the corporate headquarters remaining in Dalton.The Shaw Board of Directors appointed a special committee of non-management members of the Board, consisting of Thomas G. Cousins, J. Hicks Lanier, Robert J. Lunn and Roberto Garza Delgado, to consider the offer and make a recommendation to the Board. No time frame was established for the conclusion of the committees actions, but Berkshire Hathaway is prepared to consummate the proposed transaction as soon as practicable, according to a spokesman for Shaw Industries.Both Shaw and Saul expressed to the Board their support in principle for the proposed transaction.

October 2000