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Stocks B / Berkshire Hathaway


Subject:  Re: Berkshire buys Heinz Date:  2/15/2013  9:14 AM
Author:  rationalwalk Number:  198648 of 236805

Another first?

He has negotiated before on a limited basis. For example:

“We agreed to purchase 35,464,337 shares of MidAmerican at $35.05 per share in 1999, a year in which its per-share earnings were $2.59. Why the odd figure of $35.05? I originally decided the business was worth $35.00 per share to Berkshire. Now, I’m a “one-price” guy (remember See’s?) and for several days the investment bankers representing MidAmerican had no luck in getting me to increase Berkshire’s offer. But, finally, they caught me in a moment of weakness, and I caved, telling them I would go to $35.05. With that, I explained, they could tell their client they had wrung the last nickel out of me. At the time, it hurt.

(From 2007 letter to shareholders)
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