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The Rational Walk has an excellent accounting of the Sokol/Lubrizol timeline, leading up to David Sokol’s resignation. We have prepared the following timeline of events based on the information contained in Mr. Buffett’s press release along with Lubrizol’s latest proxy statement which was filed with the SEC on Friday, March 25. In combination, these documents allow us to reconstruct the chain of events that took place with respect to Mr. Sokol’s involvement with the Lubrizol transaction. . . . Here’s a good interview with David Sokol, on the subject of investing in Asia (RSS Subscribers may have to click through to see the video): Warren Buffett issued the following press release / letter announcing the resignation of David Sokol: This press release will be unusual. First, I will write it almost as if it were a letter. Second, it will contain two sets of facts, both about Dave Sokol, Chairman of several Berkshire subsidiaries. Late in the day on March 28, I received a letter of resignation from Dave, delivered by his assistant. His reasons were as follows: “As I have mentioned . . . Smith & Wesson Holding Corporation (SWHC) is the largest manufacturer of firearms in the United States, as well as a provider of perimeter security services for government and corporate clients. It recently hit 52 week lows after posting earnings well below expectations, largely due to a $51 million write-off of goodwill related to its acquisition of Universal Safety Response (which only occurred in 2009!). I checked in to see whether SWHC might provide a . . . On March 28, eBay Inc (NASDAQ: EBAY) announced that it had reached an agreement to purchase GSI Commerce (NASDAQ: GSIC) for $2.4 billion. The deal is a hefty premium: The merger consideration represents a 51 percent premium over GSI’s March 25, 2011, closing price and a 47 percent premium over the average closing price of GSI Commerce common stock over the 30 trading days prior to March 28, 2011. The acquisition is subject to regulatory and GSI shareholder approval, as well . . . |
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