Reuters: Bankruptcy News: UPDATE 1-Berkshire Hathaway buys toy and party supplies company

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UPDATE 1-Berkshire Hathaway buys toy and party supplies company Nov 2nd 2012, 10:19 Fri Nov 2, 2012 6:19am EDT Nov 2 (Reuters) - Warren Buffett's Berkshire Hathaway Inc said it would buy direct marketing toy and party supplies company Oriental Trading Co for an undisclosed sum. Berkshire will pay $500 million, the Wall Street Journal reported on Friday, citing a person involved in the deal. Oriental Trading, which filed for Chapter 11 bankruptcy protection in August 2010, is owned by more than a dozen financial institutions. The company's shareholders held an auction earlier in the year that failed to yield a buyer, after which Berkshire stepped in with an offer, the Wall Street Journal said on Friday. () 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 deal is expected to close by the end of November.

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