Lubrizol shareholders approve Berkshire Hathaway acquisition
Transaction to close Q3 2011
Shareholders of The Lubrizol Corporation have overwhelmingly approved the acquisition of Lubrizol 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, or 77%, of the shares outstanding as of the 27 April 2011 record date, were represented at the special meeting, constituting a quorum. Adoption of the merger agreement required an affirmative vote of a simple majority of the Lubrizol common shares outstanding.
James L Hambrick, Lubrizol's chairman, president and ceo stated: "With this approval, we are one step closer to becoming a wholly owned subsidiary of Berkshire Hathaway. 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."
Lubrizol will continue to be headquartered in Wickliffe, Ohio, led by current ceo, James L Hambrick.
The transaction is projected to close in the third quarter of 2011.
