When Armstrong World Industries, a $2 billion US company, announced in early June that it was launching a $354 million hostile takeover of Domco, a Canadian floor-products maker controlled by Sommer Allibert of Paris, investment bankers were surprised to learn that the company’s long-time investment banker, Goldman Sachs, was not advising Armstrong.
They will be in for a bigger surprise when Goldman’s name comes up in an upcoming court battle with Armstrong surrounding the transaction. In one of the more bizarre twists to the changing nature of client relationships, Goldman has gone from being Armstrong’s sole investment banker to being a global competitor fighting over the same deal.
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