AKRON (Dec. 10, 2007) — Despite assurances only a week ago that its acquisition would close by year-end contrary to market speculation, Myers Industries Inc. said today that GS Capital Partners has requested until April 30 to finalize the $1.1 billion deal.
With the extension, GS Capital Partners has agreed to make a non-refundable payment of $35 million to Myers, which also will be free to respond to takeover proposals solicited or received from others during this extension period without paying a termination fee.
The private equity arm of Goldman, Sachs & Co.´s extension request was made to further evaluate conditions in certain industries in which Myers operates, Myers said in its statement. The companies further said there has been no adverse change in Myers´ business.
"Both sides continue to work closely to complete this transaction," said John Orr, Myers´ president and CEO. "In light of GSCP´s request for an extension.the board of directors determined that it is in the best interest of Myers´ shareholders to preserve this opportunity."
Other terms of the deal remain unchanged, Myers said, including the purchase price.