Berkshire Slightly Tweaks Per-Share Offer For Wesco

Warren Buffett's Berkshire Hathaway Inc. (BRKA, BRKB) slightly reduced the per-share offer price for the 19.9% of Wesco Financial Corp. (WSC) that it doesn't already own to account for changes in Wesco's investment portfolio, among other things.

Berkshire said the per-share consideration is now $385, slightly below the $387 estimate offered when the deal was disclosed in February. It said at the time that value was subject to change. Wesco shares closed Wednesday at $383.

The total value of the deal is about $545 million based on the new offer price. The exchange ratio is 5.0611 Berkshire Class B shares per Wesco share, or five Berkshire shares with the remainder in cash or fractional shares.

The ties between Berkshire and Wesco are intricate and longstanding, with Berkshire's majority ownership stretching back more than three decades. Berkshire paid a little more than $30 million in cash for a stake now valued at more than $2 billion.

Wesco, like Berkshire, is composed of several businesses that operate with a large degree of independence. It has insurance operations, a metal-cutting business called Precision Steel, and a furniture rental unit called CORT.

Wesco shareholders will vote on the deal at a special meeting set for Friday.

Berkshire Class B shares were off 1% at $75.22 in recent trading.

 
   -By Tess Stynes, Dow Jones Newswires; 212-416-2481; [e-mail]