CLEVELAND (June 10, 2011)—Lubrizol Corp. said its shareholders overwhelmingly have approved the acquisition of Lubrizol by Berkshire Hathaway for $135 a share in an all-cash transaction.
About 95 percent of the votes cast voted in favor of the deal. In total, 49.4 million shares, or 77 percent of the shares outstanding as of the April 27 record date, were represented at the special meeting. Adoption of the merger agreement required an affirmative vote of a simple majority of the Lubrizol common shares outstanding.
In commenting on the vote, Lubrizol chairman, president and CEO James Hambrick said in a statement, “With this approval, we are one step closer to becoming a wholly owned subsidiary of Berkshire Hathaway. I am excited about the future of Lubrizol. The acquisition leaves us well positioned to continue executing our growth agenda, which includes geographic expansion, product innovation, investment in infrastructure and complementary acquisitions.”
In addition to the approval of Lubrizol shareholders, completion of the transaction is subject to satisfaction of customary closing conditions, including the expiration of waiting periods and the receipt of approvals under the Hart-Scott-Rodino Antitrust Improvements Act and applicable non-U.S. merger control regulations.
Lubrizol said the transaction is projected to close in the third quarter of 2011.
After the deal is done, Lubrizol will remain headquartered in Wickliffe and will continue to be led by Hambrick.