Middleburg Selling 10 Percent Stake
Middleburg Financial agreed this week to sell 454,545 shares to David L. Sokol, chairman of MidAmerican Energy Holdings, which is owned by Berkshire Hathaway. MidAmerican, you may remember, was going to buy Constellation Energy till the Baltimore company opted for a deal with France's EDF.
Sokol is paying $5 million for the shares, which are being sold to him in two stages. The first was completed Tuesday, in which Sokol bought 196,000 shares for $2,156,000. He will buy the rest of the shares when all the regulatory conditions are satisfied for $2,844,000.
Middleburg said it "believes that the additional capital from Mr. Sokol will give it a number of options as it continues to work through the current economic cycle."
Shares closed Tuesday at $11.47 but jumped almost $2 yesterday and are currently trading at $12.57. Sokol's purchase accounts for about 10 percent of Middleburg's outstanding shares.
April 2, 2009; 1:57 PM ET
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