A professor teaching value investing and students visits Warren Buffett every year and one year they bought an autobiography written by Jim Clayton https://en.wikipedia.org/wiki/Jim_Clayton_(businessman)
After reading the book and Clayton Homes annual reports, Buffett made a bid for the company.
The share price had been more than $19, had fallen to $9 in a slump for the business. "Buffett offered around $12" then was asked for $17.
He countered with $12,50 per share "final offer" , was asked for $15 and then countered
"$12,50 final offer" all cash.
Cerebrus made and offer of $14 , of which $9 cash and the rest to be funded from the company itself after the take over.
The book is very interesting, Clayton seems pretty honest.
He discusses secretly dating two girls at the same time as a young man. Being disappointed the the Knoxville Museum of Art was not renamed the "Clayton Museum of Art" after his donation. Being robbed by one of his accountants, legal problems as a publicly run company, etc.
It is great to get the perspective of a man who grew up very poor on a dirt farm in the 30's and 40's and how he prospered together with America. Also the other side of the Buffett / Berkshire Hathaway acquisition machine.
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