Investment firm plans to buy Myers Industries
Myers Industries Inc. has agreed to be acquired by GS Capital Partners for $1.07 billion. GS Capital Partners is part of Goldman, Sachs & Co.
Myers Industries is the parent company of Myers Tire Supply Inc.
GSP plans to buy all outstanding shares of Myers' common stock in cash for $22.50 per share.
Myers' board of directors unanimously approved the deal and will recommend that Myers' shareholders do the same. Company officials note that certain members of the Myers family and their affiliates have agreed to vote their shares, which represent 19% of outstanding shares in the firm's common stock, in favor of the sale.
Myers CEO and President John Orr says the sale is "in the best interests of our shareholders. We have undertaken many successful initiatives over the last to years to transform and grow, with the goal of creating more value for our stakeholders."
The transaction is subject to certain closing conditions. Myers Industries posted net sales of $780 million in 2006.