How Berkshire Bought Wesco (BRK.A, WSC)

Berkshire Hathaway BRK will acquire the remaining 20% shares of Wesco Financial's WSC, completing a deal that has been in the works for years. Charles Munger plans to host question and answer session dubbed “Afternoon with Charlie” in Pasadena, California after the sale of Wesco Financial to Berkshire Hathaway. Munger, 87, is famously known for his economic insights and novel approach to value investing. Munger offers former Wesco shareholders a chance to inquire about varying topics as diverse as “business, economics, and life,” according to a statement put out by Wesco. The talk would only occur after the sale of the company to Berkshire Hathaway is complete. In order for this to occur, Berkshire must gain the approval of the majority of Wesco's minority shareholders. A special investor meeting is being held to allow shareholders to choose cash or Class B common stock. The deal values the company at its book value as of January 31: $386.55 per share. The buyout would allow Berkshire Hathaway's chairman and CEO Warren Buffet to run the company without resistance from minority shareholders. Berkshire Hathaway took majority control of Wesco initially in 1983. The “Afternoon with Charlie” would replace the 2011 Wesco annual meeting if the deal is finalized; otherwise, the company would hold its annual meeting on May 4th, 2011.