Berkshire Enters into Agreement to Acquire Wesco; “Afternoon With Charlie” Planned
Berkshire Hathaway and Wesco Financial Corporation have announced a definitive merger agreement in which Berkshire will acquire the remaining 19.9 percent of Wesco's common stock that it does not currently own. Berkshire announced its intention to pursue the acquisition in ...
Berkshire Hathaway Will Not Increase Wesco Bid
Warren Buffett is not planning to increase the terms of his offer for the 19.9 percent stake in Wesco Financial Corporation that Berkshire does not already own. In a filing with the SEC today, Mr. Buffett characterizes the current offer ...
CORT Acquires Lounge22 Rental Business
According to a press release issued today, CORT has acquired the rental operations of Lounge22, including product and exclusive rights to market the rental brand on a global basis. CORT is a subsidiary of Wesco Financial Corporation which is an ...
Berkshire Hathaway May Acquire Full Ownership of Wesco Financial
In a 13D filing today with the SEC, Berkshire Hathaway has disclosed its intention to acquire the remaining 19.9 percent of the shares of Wesco Financial Corporation that it does not already own. Wesco has been a majority controlled subsidiary ...
Wesco Financial’s Results Improve Despite Continued Weak Sales at CORT
Wesco Financial Corporation reported improved results (pdf) for the second quarter of 2010 with net income rising to $31.3 million compared with $12.9 million for the second quarter of 2009. The improved performance is primarily attributed to the stronger underwriting ...
The Inoculated Investor’s Value Investing Congress Meeting Notes
The Value Investing Congress took place in Pasadena, California last week. The Congress is a major event in the value investing community and featured many well known speakers including Paul Sonkin, Bruce Berkowitz, Mohnish Pabrai, Tom Russo, Whitney Tilson, and ...
Munger Comments on Potential for Wesco to Become Wholly Owned by Berkshire
Wesco Financial Corporation held its 2010 annual meeting in Pasadena, California on May 5. Wesco Financial is a 80.1 percent owned subsidiary of Berkshire Hathaway. While the Berkshire Hathaway annual meeting attracted approximately 37,000 attendees on May 1, the Wesco ...
Wesco’s CORT and Precision Steel Units Were “Hammered” in 2009
Charlie Munger's annual letter to shareholders of Wesco Financial Corporation was published last week. Wesco Financial is a publicly traded company that is 80 percent owned by Berkshire Hathaway. Charlie Munger is Berkshire Hathaway’s longtime Vice Chairman and also serves ...
Wesco Financial Posts Q3 2009 Results
Wesco Financial Corporation reported results for the third quarter yesterday. The company issued a press release and filed the 10-Q report with the SEC. Wesco Financial is a publicly traded 80% owned subsidiary of Berkshire Hathaway. Berkshire Hathaway also released ...
Wesco Financial Posts Q1 2009 Results
Wesco reported net income per share of $2.80 for the quarter compared with $2.91 per share in the first quarter of 2008. Results were impacted by weakness in the CORT furniture rental business and Precision Steel's industrial business, which was ...
Berkshire’s Insurance Subsidiaries Buck Property/Casualty Headwinds in 2008
The Property Casualty Insurers Association of America (PCI) reported full year 2008 results for the industry yesterday and it was not a pretty picture. While PCI reported that insurers remain well capitalized when one considers levels of statutory net worth, ...
Charlie Munger’s 2008 Letter to Wesco Shareholders
Charlie Munger's annual letter to shareholders of Wesco Financial Corporation was published on March 27. Wesco Financial is a publicly traded company that is 80 percent owned by Berkshire Hathaway. Charlie Munger is Berkshire Hathaway's longtime Vice Chairman and also ...