Wesco delays meeting because of Berkshire deal

AP News
Posted: Apr 12, 2011 2:54 PM
Wesco delays meeting because of Berkshire deal

Wesco Financial says it has not scheduled a 2011 annual meeting because of its pending merger with Warren Buffett's Berkshire Hathaway Inc.

Wesco, which has been an indirect subsidiary of Berkshire since 1983, said Tuesday its annual meeting plans are on hold because of Berkshire's offer to buy the 1.4 million Wesco shares it doesn't already own for $551 million.

The Pasadena, Calif.-based Wesco is a conglomerate owning insurance businesses and an eclectic mix of operating companies, similar to Berkshire, but Wesco is smaller and less diverse.

Berkshire is offering $389.01 in cash and Berkshire stock for each Wesco share.

Charlie Munger, who is Wesco's chairman and Berkshire's vice chairman, plans to hold a public question-and-answer event, but the timing of that event depends on when this deal closes.