... technology, design, and innovation; iii) were low-cost producers; iv) had multiple plant locations and geographic coverage; and v) were highly integrated. Therefore, as the leading company in the industry, USG had been one of the most attractive takeover targets. Takeover Attempts Several takeovers and takeover attempts had shaken the building products industry during the late 1980's. In 1986, the Belzberg brothers accumulated a large position in USG and threatened takeover. However, they were bought out in a targeted share repurchase and the transaction netted the Belzbergs a tidy profit. On March 1, 1988, Desert Partners, a Texas-based takeover group, announced a tender offer to purchase USG for $42.0 per share in cash to expire on June 10, 1988. In addition, in a publicly disclosed letter to the board dated May 4, 1988, Desert Partners had indicated a willingness to increase their offer to $50.0 per share in cash, debt, and stock, ...

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