CSL - Quick Take - Makes Unsolicited Offers for OC per WSJ Article; Could Put Company in Play

研报英文原文证据摘录

CSL - Quick Take - Makes Unsolicited Offers for OC per WSJ Article; Could Put Company in Play

Truist Securities

Equity Research Report June 30, 2026

INDUSTRIALS: Building Product Carlisle Companies Incorporated (CSL)

Manufacturers

CSL - Quick Take - Makes Unsolicited Offers for OC per WSJ

Keith Hughes Article; Could Put Company in Play

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Keith.Hughes@truist.com

Summary. The news report linked below of a CSL bid for OC could put the company in

Julian Nirmal play. We believe that CSL has a unique strategic position that would not cause regulatory

404-836-4749 concerns in a deal. We believe many other strategic buyers would be interested but potential

Julian.Nirmal@truist.com market share concerns may push some to club bids or team up with private equity in our view.

We would note a bid at the previous share price high of $200 would be 11.5x our 2026 EV/

EBITDA which is just a slightly above average multiple in our group and could be surpassed.

Current Price (Jun. 29, $378.47 WSJ Reports Unsolicited Offers to Acquire Owens Corning. A WSJ article published

2026) earlier today claims that CSL has made more than one unsolicited offer to acquire OC (Hold)

Stock Rating HOLD in a deal supposedly worth over $10 billion. The article explains the proposed deal involved a mix of cash and stock for what would be a significant premium to its current valuation. The Unchanged

article can be found here: WSJ: Construction-Products Supplier Carlisle Made Unsolicited

Price Target $360.00 Offers for Rival.

Unchanged OC Trades Well Below Peers Despite Company Structure. OC has traded at EV/EBITDA

multiples that are well below peer Building Product companies with a 10-year average of 8x

versus a group average of 11x. This comes despite leading franchisees in both residential