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Guardian Industries offers to purchase Cameron Ashley Building Products

Guardian Industries Corp. of the US and its affiliate Builder Marts of America, Inc., announced that they have offered to purchase all outstanding shares of Cameron Ashley Building Products, Inc., a D…

Guardian Industries Corp. of the US and its affiliate Builder Marts of America, Inc., announced that they have offered to purchase all outstanding shares of Cameron Ashley Building Products, Inc., a Dallas-based distributor of residential and commercial building products for US$ 17 per share. Guardian made the proposal in a letter to Mr. Lawrence P. Klamon, a member of the Special Committee of the Board of Cameron Ashley. Cameron Ashley had previously announced a transaction in which an investment group including senior management of the company, CGW Southeast Partners IV, L.P. and Citicorp Venture Capital, Ltd. would purchase the shares for US$ 15.10 per share. In his letter to the Special Committee, David Clark, chairman of Guardian“s Building Materials Group and BMA, stated that, “the advantage of the transaction we are proposing for Cameron Ashley“s shareholders is clear – a substantial premium over the proposed CGW transaction.” Guardian“s proposal contemplates completing the acquisition on substantially the same terms and conditions as those previously agreed with the CGW investment acquisition group. Clark has met with the Chairman of the Special Committee of Cameron Ashley“s Board to discuss Guardian“s proposal. Guardian“s due diligence review will commence on February 14. Guardian“s offer is not subject to a financing contingency. “This acquisition will be an excellent addition to BMA“s position as a leading supplier to the independent dealer market,” said Duane Faulkner, president of Guardian“s Building Materials Group and BMA. “This is part of our long-standing commitment to the building materials industry,” added Faulkner. Guardian is the fourth largest manufacturer of light density fibreglass in the world. It holds an equity position in Builder Marts of America (BMA), the largest non-cooperative buying group of lumber, building materials, millwork and hardlines in the US. Guardian Industries Corp., which is privately held, is a worldwide manufacturer of float glass and fabricated glass products for the commercial and residential construction industries, in addition to its interests in building materials. The company is also a leading supplier of vehicle glass and exterior plastic and metal trim systems to the global automotive industry.

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