July 20, 1988
USG Corp. reported that Settsu Corp. of Japan disclosed it has acquired a 9.6% stake in the Chicago-based building materials company as a "friendly long-term investment." Settsu, a giant paperboard producer based near Osaka, said separately that it had bought 4,993,100 USG shares as part of a strategy to invest in U.S. industrial leaders.
July 13, 1988
USG Corp. said it settled a lawsuit with Merrill Lynch & Co. over claims that the investment concern used confidential information gained while representing USG to help Desert Partners L. P. in a later bid for the building supplies company. The offer was withdrawn after USG announced a restructuring. A spokesman for Chicago-based USG declined to provide any details of the out-of-court settlement.
January 12, 2001 |
Building-products manufacturer USG Corp. said it plans to take a $904-million pretax charge against its earnings in 2000 for costs associated with restructuring and with pending asbestos liability cases and lawsuits anticipated through 2003. The charge will reduce the company's earnings by $12.83 a share for the fourth quarter and by $12.11 for the year.
October 7, 1987
USG Corp., the country's largest gypsum producer, kept silent on a possible takeover attempt by a partnership of two Texas oilmen. "Our answer to the press all day has basically been no comment," USG spokesman David Grabill said when asked for a reaction to the acquisition of a 9.83% stake in the company by Desert Partners of Midland, Tex. Desert Partners, headed by Cyril Wagner Jr. and Jack E. Brown, filed papers with the Securities and Exchange Commission saying they had paid $224.
June 5, 2001 |
Building materials maker USG Corp. said it is exploring strategic options, including a possible Chapter 11 bankruptcy filing, because of rising asbestos litigation costs and the slow progress of legislation that could control the costs. Chicago-based USG said lawyers for asbestos plaintiffs have sharply increased settlement demands in the wake of Chapter 11 filings by other companies. Its U.S.
June 26, 2001 |
USG Corp. succumbed to multimillion-dollar asbestos claims, filing for Chapter 11 bankruptcy protection for the second time in the Chicago firm's 99-year history. The nation's No. 1 maker of wallboard became the eighth company in the last 18 months to turn to bankruptcy court to shield it from the financially debilitating effects of asbestos litigation. USG's major domestic subsidiaries also filed Chapter 11 petitions, including United States Gypsum Co., USG Interiors Inc. and L&W Supply Corp.
February 25, 1988 |
Desert Partners LP, a takeover firm led by two Texas oil barons, said Wednesday that it proposes to buy gypsum maker USG Corp. for $2.1 billion, well below the $2.5-billion price tag it indicated it could pay in October. The $42-a-share takeover offer followed by two days a federal court decision dismissing a USG request to bar Desert Partners from increasing its 9.38% stake in the company, the nation's largest wallboard maker. USG's stock shot up $4.
May 4, 1988 |
USG Corp. announced Tuesday that it has sued broker Merrill Lynch & Co., charging it with illegal use of confidential information in providing advice to USG's hostile bidder Desert Partners LP. Earlier, USG's shares jumped sharply in reaction to a recapitalization plan USG announced late Monday as it stepped up efforts to elude a takeover by Desert Partners. Shares of USG finished up $3.125 at $44.
May 3, 1988 |
USG Corp., fighting to thwart a hostile takeover, said Monday that it will restructure and pay shareholders $42 a share in cash and debt securities plus stock in a newly recapitalized company. The plan is valued at $2.2 billion, USG said. The USG proposal follows a conditional new offer by Desert Partners LP over the weekend to boost its existing bid of $42 a share to $45, or $2.3 billion, if a friendly deal can be worked out.
November 28, 2000 |
Warren Buffett continues to look to the building-materials business for bargains. Shares of USG Corp. (ticker symbol: USG) soared almost 30% on Monday after Buffett's Berkshire Hathaway Inc. reported holding a 14.98% stake in the biggest U.S. maker of wallboard. Chicago-based USG's shares jumped $4.44 to $19.38 after Berkshire disclosed its investment of 6.5 million shares in a Securities and Exchange Commission filing.