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EXHIBIT 99(a)(9)
PRESS RELEASE
BERKSHIRE HATHAWAY OBTAINS FTC AND CANADIAN COMPETITION
BUREAU CLEARANCE FOR BENJAMIN MOORE ACQUISITION
Omaha, Nebraska and Montvale, New Jersey -- December 7, 2000 --
Berkshire Hathaway Inc. (NYSE: BRK.A, BRK.B) and Benjamin Moore & Co. (OTCBB:
MBEN .OB) announced today that the waiting period under the Hart-Scott-Rodino
Antitrust Improvements Act of 1976, as amended, applicable to Berkshire
Hathaway's tender offer for Benjamin Moore & Co. has expired. The applicable
waiting period under the Competition Act (Canada), as amended, also has expired,
and the Canadian Competition Bureau has notified Berkshire Hathaway that it does
not intend to challenge the tender offer. The expiration of the two waiting
periods clears the way for Berkshire Hathaway to acquire Benjamin Moore.
The tender offer is scheduled to expire at midnight New York City
time, on Friday, December 15, 2000, unless it is extended.
The tender offer was commenced on November 17, 2000, by B Acquisition,
Inc., a wholly owned subsidiary of Berkshire Hathaway, for all of the
outstanding shares of common stock of Benjamin Moore at the cash price of $37.82
per share. The tender offer is subject to certain conditions, including the
tender of not less than two-thirds of the outstanding common stock of Benjamin
Moore on a fully diluted basis.
Upon successful completion of the tender offer, Berkshire Hathaway and
Benjamin Moore intend to merge B Acquisition with and into Benjamin Moore.
Pursuant to this merger, the remaining shareholders of Benjamin Moore will
receive the same amount per share as paid in the tender offer, and Benjamin
Moore will become a wholly owned subsidiary of Berkshire Hathaway. The total
value of the transaction is approximately $1 billion dollars.
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
American 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.
This press release contains forward-looking statements with respect to
management's beliefs about the financial conditions, results of operations, and
business of Berkshire Hathaway and Benjamin Moore. These statements involve
risk and uncertainties. The actual outcome could differ materially from that
contemplated by such statements. Factors that could cause or contribute to such
differences could include, but are not limited to, general
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business conditions, strength of retail economy and growth in the coatings
industry, unusual weather conditions, and competition in the coatings business,
as well as other risks detailed herein and in reports filed by Benjamin Moore
with the Securities and Exchange Commission ("SEC").
Benjamin Moore shareholders are advised to read the tender offer
statement (including an offer to purchase, letter of transmittal, and related
tender offer documents) regarding the acquisition of Benjamin Moore referenced
in this news release, which has been filed by Berkshire Hathaway and B
Acquisition with the SEC, and the related solicitation/recommendation statement
filed by Benjamin Moore with the SEC. The tender offer statement and the
solicitation/recommendation statement contain important information which should
be read carefully before any decision is made with respect to the tender offer.
These documents are available to all shareholders of Benjamin Moore at no
expense to them. These documents also are available at no charge at the SEC's
web site, www.sec.gov.
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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
