In 1929, Berkshire Cotton Manufacturing Company merged with Valley Falls Company and form Berkshire Fine Spinning Associates. In 1955, Berkshire Fine Spinning Associates merged with Hathav Manufacturing Company and formed Berkshire Hathaway. Seabury Stanton, who was experienced in operations rather than strategy, headed this new company. But local and international competition al with the falling prices of cotton turned the company's future grey. In 1961, Berkshire Hathaway ha reduce its operational days to four days a week at many plants due to the continued losses year after ye 12 In 1963, Buffett and his associates were purchasing Berkshire Hathaway shares because Buffett expe profit from a forecasted buyback." By 1965, Buffett and his associates held significant shares in company. 2 Stanton, who wanted to strengthen his family control, wished to buy back shares from B and agreed to a price of US$11.503 per share; however, in the official offer letter Stanton sent, he qu a price of $11.37% per share