Nov 2 (Reuters) - Warren Buffett's Berkshire Hathaway Inc is to buy direct marketing toy and party supplies merchant Oriental Trading Co for $500 million, 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.
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.