Myers Industries Inc. shareholders will meet on July 23 for a vote to approve the company's sale to private equity fund GS Capital Partners.
GS Capital Partners, a subsidiary of Goldman, Sachs & Co., wants to buy Myers, the parent company of Myers Tire Supply, for $1.07 billion at $22.50 per share.
"The independent members of Myers Industries' board of directors, acting on a unanimous recommendation of the special committee of the board, have unanimously determined that the merger and the merger agreement are advisable, fair to and in the best interest of the company and its shareholders," say Myers officials.
Certain members of the Myers family have agreed to vote their shares, which represent about 19% of the Akron, Ohio-based firm's common stock, in favor of the transaction.
