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Exhibit 99.(a)(10)
BERKSHIRE HATHAWAY SUCCESSFULLY COMPLETES CASH TENDER OFFER
FOR BENJAMIN MOORE & CO.
Omaha, Nebraska, December 18, 2000 Berkshire Hathaway Inc. (NYSE:
BRK.A, BRK.B) announced today the successful completion of the cash tender offer
by B Acquisition, Inc., a wholly owned subsidiary of Berkshire Hathaway, for all
outstanding shares of the common stock of Benjamin Moore & Co. (OTCBB: MBEN.OB).
The tender offer expired, as scheduled, at 12:00 midnight, New York City time,
on Friday, December 15, 2000.
Berkshire Hathaway, through B Acquisition, has accepted for purchase
all shares validly tendered and not withdrawn prior to the expiration of the
offer at the price of $37.82 per share in cash. Based on information provided
by EquiServe Trust Company, N.A., the depositary for the tender offer,
approximately 26,122,742 shares of Benjamin Moore common stock have been
acquired by B Acquisition out of approximately 26,469,381 shares currently
outstanding, or approximately 98.7% of all outstanding shares.
Payment for shares properly tendered and accepted will be made as
promptly as practicable and, in the case of shares tendered by guaranteed
delivery procedures, promptly after timely delivery of shares and required
documentation.
As previously announced, Berkshire Hathaway will acquire the remaining
shares of Benjamin Moore common stock through a merger pursuant to which each
remaining share of Benjamin Moore common stock will be converted into the right
to receive $37.82 in cash and following which Benjamin Moore will become a
wholly owned subsidiary of Berkshire Hathaway. Berkshire Hathaway and Benjamin
Moore expect to consummate the merger as soon as practicable.
Benjamin Moore, a leading manufacturer and retailer of premium paints,
stains, and industrial coatings, was founded in 1883. Headquartered in
Montvale, New Jersey, Benjamin Moore's products are distributed throughout North
America through a network of authorized dealers.
Berkshire Hathaway is a holding company which owns subsidiaries
engaged in a diverse number of business activities. The most important of these
is the property and casualty insurance business conducted on both a direct and
reinsurance basis through a number of subsidiaries.
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FOR FURTHER INFORMATION, PLEASE CONTACT:
Berkshire Hathaway: Marc Hamburg
(402) 346-1400
Benjamin Moore: Eileen McComb
(201) 573-6620
Hill and Knowlton: Marisa Jacobs
(212) 885-0390
