Lubrizol sets shareholder vote on Berkshire deal

AP News
Posted: Apr 11, 2011 6:40 PM
Lubrizol sets shareholder vote on Berkshire deal

Specialty chemical company Lubrizol has set the date for its shareholders to vote on Berkshire Hathaway Inc.'s $9 billion offer to buy the company.

Lubrizol Corp. said in documents filed with the Securities and Exchange Commission on Monday that it will hold a special shareholder meeting about the deal with Warren Buffett's company on June 9.

Shareholders will be asked to approve Berkshire's $135 per share offer to buy Lubrizol. The deal that was announced last month also includes Omaha, Neb.-based Berkshire assuming about $700 million in Lubrizol debt.

The deal is expected to close in the third quarter. Lubrizol is expected to keep its Wickliffe, Ohio, headquarters and current management.