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Pro Blog

TPG Initiates Tender Offer for Armstrong World Industries, Inc. (AWI) Shares

By FAF Staff Writer, (346 words) Posted in Business on September 3, 2009
There are (24) comments permalink

Armor TPG Holdings LLC, owned by TPG Capital announced today a tender offer to purchase over 4 million shares of Armstrong World Industries, Inc. (AWI) stock for $22.31 per share. This tender offer for Armstrong shares will expire on October 1, 2009. This offer by Armor TPG is to comply with the recently announced acquisition of 7 million shares of Armstrong and over 1 million shares of the Armstrong World Industries, Inc. Asbestos Personal Injury Settlement Trust. Armstrong is a manufacturer of products such as hardwood, laminate, vinyl, and tile flooring.

Fort Worth, TX, September 3, 2009 –– Armor TPG Holdings LLC, a company owned by private equity funds affiliated with TPG Capital, today announced that it is commencing a tender offer to purchase up to 4,435,935 shares of common stock of Armstrong World Industries, Inc. for $22.31 per share in cash without interest and less any required withholding taxes.

The tender offer will expire at 12:00 Midnight, New York City time, at the end of Thursday, October 1, 2009, unless extended in accordance with the terms of the offer to purchase and the applicable rules and regulations of the SEC.

As previously announced, the purpose of the offer is to comply with certain requirements in AWI's governing documents, following Armor TPG’s acquisition of seven million shares of AWI's common stock and an economic interest in approximately 1 million additional shares of AWI's common stock from the Armstrong World Industries, Inc. Asbestos Personal Injury Settlement Trust on August 28, 2009.

On September 2, 2009, the last trading day prior to the commencement of the offer, the closing price of shares of AWI's common stock as reported by the New York Stock Exchange was $29.21. Therefore, if shareholders wish to sell their shares of AWI common stock, they may be able to obtain a higher price by selling shares in the open market or otherwise rather than pursuant to the offer. Armor and TPG urge shareholders to obtain current market quotations for their shares before deciding whether to tender shares in the offer.

Questions and requests for assistance may be directed to the Information Agent for the offer, Georgeson Inc., at (212) 440–9800 or (888) 219–8353 (toll free).

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Comments (24)

jgn posted on: September 16, 2009

this is amazing

why is it possible to allow any entity to offer a 25%+ discount to a market value stock - and is it possible to quantify the cost of this ludicrous offer - and reagain the cost to the stockholders (lost profit) as a result of defending this out of bounds position?

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