By Kelly Cloonan
Shares of Owens Corning rose after The Wall Street Journal reported that the roofing maker received more than one unsolicited takeover offer from building-products maker Carlisle Companies.
The stock gained 8.3% to $146.64 in early afternoon trading on Monday. Shares have risen 31% year to date. Carlisle's stock is off by 5.2% on the day at $368.28.
Owens Corning so far hasn't engaged substantially with Carlisle, which made the offers in recent months, the report said, citing people familiar with the matter. Carlisle is now contemplating its next move, the people said.
Carlisle proposed using a mix of cash and stock to acquire Owens Corning at a significant premium to where its shares have been trading this year, the people said.
In the market for construction products, Carlisle is more focused on the commercial industry while Owens Corning is more focused on the residential sector. Both industries can be cyclical, meaning a combination of the two players might help offset the ups and downs in their respective sectors.
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