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Berkshire Hathaway to buy Oriental Trading Company for $500-million

Berkshire Hathaway Chairman and CEO Warren Buffett is interviewed in New York, Monday, Feb. 22, 2010.

Seth Wenig/AP

Warren Buffett's Berkshire Hathaway Inc. is to buy direct marketing toy and party supplies merchant Oriental Trading Co for $500-million (U.S.), the Wall Street Journal reported on Friday, citing a person involved in the deal.

Oriental Trading's shareholders held an auction earlier in the year that failed to yield a buyer, after which Berkshire stepped in with a compelling offer, the Journal said, citing another person close to the deal.

Berkshire Hathaway and Oriental Trading Co. were not available for comment outside regular U.S. business hours.

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In August, Reuters reported that Oriental Trading, which also sells arts and crafts and home decor items, was up for sale in a deal that could fetch about $500-million.

The company, which filed for Chapter 11 bankruptcy protection in August 2010, is owned by more than a dozen financial institutions.

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