Tire Business staff report
Akron, Ohio -- Nearly a year after Myers Industries Inc. announced a $1070 million agreement to be acquired by an investment group and after subsequent delays in finalising the purchase, the deal has fallen through.
GS Capital Partners (GSCP), a private equity arm of Goldman, Sachs & Co., decided not to proceed with the acquisition of Akron-based Myers â€œbased on GS' review and continued weakness in broader markets in which Myers operates,â€ according to a Myers spokesman. Consequently, he said it will be â€œbusiness as usualâ€ at Myers.
â€œThe GS offer was a unique opportunity that the company considered,â€ he added. â€œWe're not changing strategy.â€
Myers shareholders had approved the acquisition agreement with GSCP on 23 July last year. The buyout was originally expected to close in September 2007, but then GSCP delayed the close until the end of that year due to weak credit market conditions before it requested an extension until 30 April 2008 to further evaluate conditions in certain industries in which Myers operates.
Myers is a manufacturer and distributor of tyre repair supplies and equipment as well as polymer products for the commercial and consumer markets.
From Tire Business (A Crain publication)