Myers Industries, Inc. (Akron, Ohio) maker of Buckhorn pallets and containers, 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.
John C. Orr, president and chief executive officer, said, “After thorough analysis, the special committee and the board have endorsed this transaction as being in the best interests of our shareholders. We have undertaken many successful initiatives over the last two years to transform and grow, with the goal of creating more value for all of our stakeholders. After careful review of our strategic business segments and the best avenues for growth, we are excited about this opportunity with GS Capital Partners.”
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.
Myers Industries will hold a Special Meeting of Shareholders to consider and vote on the proposed merger agreement.
Source: Myers Industries