By Janet H. Cho
Owens Corning, known for its bright pink fiberglass building insulation, has drawn unsolicited takeover interest from rival Carlisle Companies, a report that sent stocks of the companies in opposite directions.
The Wall Street Journal reported that Carlisle has made more than one unsolicited offer to acquire Owens Corning in a cash-and-stock deal that could be valued at well over $10 billion. The Journal cited people familiar with the matter, and said the price would be a significant premium to where its shares have been trading this year.
Owens Corning shares closed up 15.3% on Monday, at $156.05, with shares trading as high as $157.50 intraday. Carlisle's stock was down as much as 5% intraday, before closing down 2.6% at $378.47.
Owens Corning couldn't be immediately reached for comment. The stock is up 39.4% this year through Monday's close, and up 13.5% over the past 12 months.
Owens Corning, which focuses more on the residential sector, had a market value of around $11 billion on Monday morning. Carlisle, which makes building materials for the commercial sector, had a market value of more than $15 billion.
Write to Janet H. Cho at janet.cho@dowjones.com
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