Warren Buffett sipped Cokes, munched on a Dusty sundae and danced to “We Are Family” like the fictional elated groom he was during a three-hour visit with more than 100 Kansas University finance students Friday at his Berkshire Hathaway headquarters.

Then he got down to business.

After hearing the students’ formal presentations about two potential Berkshire acquisitions – Pella Corp., maker of windows and doors; and Schwan Food Co., owner and distributor of Red Baron Pizzas, Tony’s Pizzas, Mrs. Smith’s pies and others – Berkshire’s chairman and chief executive officer promised to mull their ideas, study their reports and consider making an investment or two.

“I will definitely follow through on these ideas,” Buffett said after the meeting, as students milled about in a Berkshire conference room overlooking the Omaha skyline. “I will follow up (and read the reports), and I will follow that up with a personal phone call to both companies – especially (Schwan).”

Buffett, the multibillionaire investor hailed as the “Oracle of Omaha,” even agreed to cut the students in on the action, should he close a deal. Previous visiting classes have been promised one “baby” share for each student, should he buy into a company as suggested.

This time, he upped the ante.

Kansas University senior Taylor Lister, playing Susie

“There’s nothing I’d like better than to be here next year handing out four B shares to all of you,” Buffett said.

At Friday’s closing prices, four B shares would be worth $12,076.

Buffett’s generosity spanned far beyond a potential financial payoff for the students, who have spent the semester studying investment theory and prepping for the big day: Pitching investments to Buffett, the world’s second-richest man who often is considered the greatest investor in history.

Dilly Bars and windows

Buffett answered students’ questions for 90 minutes, before managers of an Omaha Dairy Queen – a company owned by Berkshire – brought in Dilly Bars for everyone and served Buffett his favorite sundae. Then, with a can of Coke – another major Berkshire holding – Buffett settled in to hear what the students had to say.

Two teams of students presented skits. The first, pitching Pella Corp., poked fun at the class, its professor and “Mad Money” maniac Jim Cramer. The production even included Matt Johnson’s portrayal of Buffett himself.

Buffett even sat next to Johnson, a KU senior, through the whole skit, clearly enjoying himself.

Afterward, Buffett told the students that the Pella production was so good that it would be the standard by which all future skits would be measured.

Next up: Students pitching Schwan Food Co. by staging a wedding of “Susie Schwan” and “Bobby Berkshire,” with none other than Elvis officiating the ceremony.

After the “I dos” were done – and the merger papers signed – Susie and Bobby started dancing with other members of the wedding party to “We Are Family,” the pervasive wedding anthem.

Taylor Lister, playing the bride, couldn’t resist a smiling 75-year-old gentleman watching intently from the front row.

“Mr. Buffett,” she said, “would you please come dance with me?”

“Oh, all right,” Buffett said with a laugh.

Learning experience

Where the relationships lead remains to be seen. Buffett intends to wait until the two companies have a chance to review the students’ written papers – students peg the acquisition price of Pella at $1.75 billion; for Schwan, it’s $5.2 billion – before placing his own personal calls.

Lister, a senior from Troy, Kan., who graduates in May, is counting on her fictional wedding paying off for years into the future. Just getting a chance to learn from Buffett was a “once-in-a-lifetime opportunity,” she said, but there could be more in the future.

“He said he might make a special deal for me. Who knows, maybe an A share?” Lister said, as she headed for the bus back to Lawrence. “It would be fabulous. It would be the best wedding present I could ask for.”

If a deal goes through, the only person on the trip who would be guaranteed a Berkshire A share – closing price Friday: $90,900 – would be Mark Hirschey, the finance professor who teaches the class, organized the trip and holds a Berkshire stake in his own personal portfolio.

Hirschey said he would donate his A share to the Business School, but he knows that no matter what happens, the students will get plenty of valuable returns simply from the experience.

“The class has a very serious purpose, and they wrote a couple of very serious proposals,” Hirschey said. “They presented it in a fun way – in a very energetic presentation of sound business ideas. It was a fun way to accomplish a very serious business purpose.”