Johns Manville to Renegotiate Purchase Deal

Johns Manville Corp., a leading U.S. building materials manufacturer, said it would renegotiate its previous agreement to be sold to a group of investors for $3 billion after it reported disappointing quarterly earnings. Denver-based Manville said June 23 it had agreed to be bought out for $3 billion, or $15.63 a share, by an investor group led by buyout firm Hicks, Muse, Tate & Furst Inc. and a unit of Wall Street firm Bear Stearns Cos. Manville said third-quarter profit including charges fell 37% to $46.31 million, or 31 cents a share, missing forecasts, because of higher costs and a softer construction market. Revenue fell 5.1% to $540.2 million. Johns Manville shares rose 88 cents to close at $9 on the New York Stock Exchange.