Carlyle To Pay $1 Billion for ElkCorp

The Carlyle Group has agreed to acquire Dallas-based roofing and building products company ElkCorp (NYSE: ELK) for approximately $1 billion (including the assumption of $173 million in net debt). Bank of America and Merrill Lynch have made leveraged financing commitments. ElkCorp shareholders would receive $38 per share, which is a 51% premium to the trading price on Nov. 3, which is when the company announced that it was conducting a review of strategic alternatives.