Deadline for Myers sale extended
The sale of Myers Industries Inc. to GS Capital Partners was supposed to close this week, but deadline for the transaction has since been extended to April 30, 2008.
Myers reports that GS Capital Partners requested more time to complete the deal.
"In consideration for extending the closing date of the transaction... GS Capital Partners has agreed to make a non-refundable payment to Myers of the previously agreed-upon $35 million fee," say Myers officials.
The private equity company "has acknowledged there has been no material adverse change in Myers' business and that (its) deadline extension request resulted from a desire to further evaluate conditions in certain industries in which Myers operates."
Myers CEO and President John Orr says both sides "continue to work closely to complete this transaction."
However, as part of the agreement to extend the closing deadline, Myers says it is free to respond to takeover proposals "solicited or received from others during the extension period."