Volume 35, Number 4, April 2000

FinancialFlash

Guardian Makes Bid for Cameron Ashley

Guardian Industries Corp. Building Materials Group, and its affiliate Builder Marts of America Inc. (BMA), have offered to purchase all outstanding shares of Dallas-based Cameron Ashley Building Products Inc. for $17 per share. Cameron Ashley had previously announced an offer from an investment group for $15.10 per share.

“This acquisition will be an excellent addition to BMA’s position as a leading supplier to the independent dealer market,” said Duane Faulkner, president of Guardian’s Building Materials Group and BMA. “This is part of our long-standing commitment to the building materials industry.”

Following Guardian’s offer to purchase all the outstanding shares of Cameron Ashley Building Products Inc., Standard & Poor’s (S&P) affirmed the outlook for Guardian is stable, leaving the current corporate credit rating at A+/A-1.

According to S&P, Guardian should have sufficient cash flow to enable the company to reduce debt resulting from the possible Cameron Ashley transaction.

stock watch

It was a month marked by decreases for publicly-traded glass companies or companies that own glass concerns. For the period between February 4 and March 3, 12 companies posted decreases. Dupont reported the biggest downturn (14 percent), followed by Vitro (10 percent). On the up side, the Dwyer Group was the big winner with a 34 percent increase, followed by Compudyne (19 percent).

Company Name  Monthly Range   
 (March 3 - March 31)
 52-Wk Range      P/E Ratio
Apogee (APOG) 4 1/2 - 33 1/32 3.87-14.31 5.4
Alcoa (AA)
owns Alumax & Kawneer
67 15/16 - 70 1/4 35.93 - 87.25 24.9
Asahi (ASGLY)  77.000-77.000 yen NA NA
Butler Mfg. (BBR)
owns Vistawall
25 3/16 - 24 7/16 21.00-29.93 6.7
Compudyne (CDCY)
owns Norment
91/2-10 6.00-12.75 21.7
Donnelly (DON)  12 11/16 - 11 13/16 11.75-17.50 4.1
Dow Chemical (DOW) 109 3/4 - 114 90.06-141.50 19.2
Dupont (DD) 670 1/4 - 521 5/1 45.06-75.18 7.6
Dwyer Group (DWYR)
owns the Glass Doctor
3 11/16 - 2 7/8 1.68-4.25 13.1
Flour City Int’l (FCIN) 4 1/8 - 3 5/8 1.31-6.00 NE
Lilly Industries (LI) 12 3/8 - 12 3/8 10.87-19.75 8.9
Monsanto (MTC)   36 15/16 - 51 1/2 32.75-51.50 56.6
Pilkington plc (PILK) 79.75-76.00 pounds NA NA
PPG (PPG) 49 1/16 - 52 5/16 44.37-70.75 16.2
Solutia (SOI) 13 5/8 - 13 3/8 11.25-26.31 7.4
ThermoView Ind. (THV) 3 1/4 - 3 1/2 2.00-7.12 NE
Vitro (VTO)
owns VVP America
41/8-43/4 3.62-7.50 NE

NA = Not Applicable; NE = Negative Earnings


USG

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