Goldman Sachs Amends Terms of Warrants Held by Berkshire Hathaway Business Wire NEW YORK -- March 26, 2013 The Goldman Sachs Group, Inc. (NYSE: GS) today announced that it has amended its warrant agreement with Berkshire Hathaway Inc., and certain of its subsidiaries (collectively, Berkshire Hathaway) from cash settlement to net share settlement. "We intend to hold a significant investment in Goldman Sachs, a firm that I did my first transaction with more than 50 years ago," said Warren Buffett, Chairman and Chief Executive Officer of Berkshire Hathaway. "I have been privileged to have known and admired Goldman's executive leadership team since my first meeting with Sidney Weinberg in 1940." "We are pleased that Berkshire Hathaway intends to remain a long-term investor in Goldman Sachs," said Lloyd C. Blankfein, Chairman and Chief Executive Officer of Goldman Sachs. The warrant had provided Berkshire Hathaway the right to purchase 43,478,260 shares of Goldman Sachs' common stock, par value $0.01 per share, at an exercise price of $115 at any time until October 1, 2013. Under the amended agreement, Goldman Sachs will deliver to Berkshire Hathaway the number of shares of common stock equal in value to the difference between the average closing price over the 10 trading days preceding October 1, 2013 and the exercise price of $115 multiplied by the number of shares of common stock covered by the warrant (43,478,260). The Goldman Sachs Group, Inc. is a leading global investment banking, securities and investment management firm that provides a wide range of financial services to a substantial and diversified client base that includes corporations, financial institutions, governments and high-net-worth individuals. Founded in 1869, the firm is headquartered in New York and maintains offices in all major financial centers around the world. Contact: The Goldman Sachs Group, Inc. Media: Jake Siewert, 212-902-5400 or Investor: Dane Holmes, 212-902-0300
Goldman Sachs Amends Terms of Warrants Held by Berkshire Hathaway
Press spacebar to pause and continue. Press esc to stop.