Myers Industries' shareholders approve sale
Shareholders of Myers Industries Inc., the parent company of Myers Tire Supply, have approved the firm's sale to GS Capital Partners, a private equity fund affiliated with Goldman, Sachs & Co.
Myers would become part of a new entity called Myers Holding Corp.
The cash acquisition is valued at $1.1 billion. Nearly 69% of Myers' outstanding shares, representing 24.2 million shares, were cast in favor of the sale.
"The shareholder vote satisfies a condition for the completion of the transaction," say Myers officials.
Myers and GS Capital expect the deal to close during the third quarter of 2007, "pending satisfaction of other conditions to closing."