AKRON (Sept. 11) — GS Capital Partners is delaying the closing of its Myers Industries Inc. acquisition until the fourth quarter.
The private equity arm of Goldman, Sachs & Co. previously announced plans to complete the buyout by Sept. 30. However, it said that weak credit market conditions prompted the company to delay a financing package it plans to use toward the approximately $1.1 billion purchase of Akron-based Myers. According to the buyout agreement, the deal must close no later than Dec. 15.
Myers stockholders approved GSCP´s buyout offer July 23 for $22.50 per share. Myers is a manufacturer and distributor of tire repair supplies and equipment as well as polymer products for the commercial and consumer markets.