AKRON (Dec. 3, 2007) — Myers Industries Inc. issued a statement Nov. 30, in response to marketplace rumors, reaffirming that its acquisition by GS Capital Partners IV L.P., a private equity arm of Goldman, Sachs & Co., is still on track to be finalized by year-end.
Myers said it had not received any indication from GS Capital that it does not intend to close the transaction in the fourth quarter of 2007.
Akron-based Myers is a manufacturer of rubber and plastics products as well as a distributor of tire repair and service supplies and equipment.
Myers stockholders approved GS Capital's buyout offer July 23 for $22.50 per share. GS Capital at the time planned to finalize the acquisition by Sept. 30 but weak credit market conditions prompted the company to delay until the fourth quarter a financing package it plans to use toward the approximately $1.1 billion purchase.