The material on this site is for financial institutions, professional investors and their professional advisers. It is for information only. Please read our Terms & Conditions, Privacy Policy and Cookies before using this site.

All material subject to strictly enforced copyright laws. © 2021 Euromoney, a part of the Euromoney Institutional Investor PLC.

Mergers & Acquisitions: How Goldman got caught in the crossfire

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. At stake is a huge share of the US flooring market. Domco has annual sales of $238 million.

The drama in which Goldman plays a key role will begin at a US federal court hearing scheduled for September 30. The hearing is the first step in a legal action Armstrong has undertaken as part of its hostile bid.

Based on what it alleges is a breach of a confidentiality agreement, Armstrong is requesting the courts for a preliminary injunction to stop Sommer's own recently-announced merger with a third party: Tarkett of Germany, a company in which Goldman Sachs Capital Partners has a 32.5%

You have reached premium content. Please log in to continue reading.

Read beyond the headlines with Euromoney

For over 50 years, our readers have looked to Euromoney to stay informed about the issues that matter in the international banking and financial markets. Find out more about our different levels of access below.


Unlimited access to and

Expert comment, long reads and in-depth analysis interviews with senior finance professionals

Access the results of our market-leading annual surveys across core financial services

Access the results of our annual awards, including the world-renowned Awards for Excellence

Your print copy of Euromoney magazine delivered monthly

£73.75 per month

Billed Annually


Unlimited access to and, including our top stories, long reads, expert analysis, and the results of our annual surveys and awards

Sign up to any of our newsletters, curated by our editors


Already a user?

We use cookies to provide a personalized site experience.
By continuing to use & browse the site you agree to our Privacy Policy.
I agree