Revlon has reportedly offered to buy Salomon...

Revlon has reportedly offered to buy Salomon Inc. preferred shares on exactly the same terms as Salomon has agreed to accept from Berkshire Hathaway, according to Dow Jones News Service, quoting “a source familiar with” the announced agreement. However, the source said Revlon would accept a conversion price of $42 per share rather than Berkshire’s offer of $38 a share. As reported, the parent of the Salomon Bros. investment banking firm agreed Sunday to sell $700 million of a new issue of convertible preferred stock to Berkshire and to buy Minerals & Resources’ 14% stake in Salomon for $809 million.