Berkshire boosts bid for remaining Wesco shares

AP News
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Posted: Mar 09, 2011 12:07 PM
Berkshire boosts bid for remaining Wesco shares

The price Warren Buffett's Berkshire Hathaway is willing to pay for the remaining 19.9 percent of Wesco Financial it doesn't already own has grown $9 million to $556.6 million.

The companies said in documents filed with federal regulators Wednesday the price increased to better reflect Wesco's value.

The deal announced last month included provisions for price adjustments based on Wesco's earnings and the value of its investments. Wesco is now valued at $392.91 per share, up from $386.55 per share.

Wesco is a conglomerate that owns insurance businesses and an eclectic mix of operating companies. It is similar to Berkshire, but smaller and less diverse. The Pasadena, Calif., company has been Berkshire's indirect subsidiary since 1983.

The cash and stock deal is expected to close by the end of June.