Myers Industries Agrees to be Acquired by GS Capital Partners
Myers Industries, Inc. announced a definitive agreement to be acquired by GS Capital Partners (GSCP) in a transaction valued at approximately $1.07 billion including the assumption or repayment of approximately $276.0 million of debt. Under the terms of the agreement, GSCP will acquire all of the outstanding shares of Myers Industries' common stock. Shareholders will receive $22.50 per share in cash for each share of common stock they hold.
The Board of Directors of Myers Industries, on the unanimous recommendation of a Special Committee, has unanimously approved the transaction and will recommend that Myers' shareholders approve the proposed sale.
The transaction is subject to certain closing conditions, including the approval of Myers Industries' shareholders, regulatory approvals, and the other customary conditions of closing. There is no financing condition to complete the transaction.
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