The board of

Shaw Industries

(SHX)

approved the proposed $2 billion buyout offer from an investor group led by

Berkshire Hathaway

(BRK.A) - Get Report

, the holding company led by Warren Buffett.

The Dalton, Ga., carpet and flooring specialist said its board approved the acquisition in which shareholders will receive $19 in cash for each common share they own.

Shaw also declared a dividend of 5 cents, payable on Nov. 27 to shareholders of record Nov. 10.

Shares of Shaw Industries recently traded at $18.50, up 44 cents, or 2.4% in

New York Stock Exchange

activity.