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The board of

Shaw Industries


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

Berkshire Hathaway

(BRK.A) - Get BRK.A Report

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, 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