AKRON, Ohio-The board of directors of Myers Industries,Inc. announced that GS Capital Partners (GSCP) has requested more time tocomplete the acquisition of the company. In consideration for extending theclosing date of the transaction from December 15 to April 30, 2008, GSCP hasagreed to make a non-refundable payment to Myers of the previously agreed upon$35 million fee. GSCP has secured an extension of its debt financingcommitments from Goldman Sachs Credit Partners and Key Bank pursuant to whichGSCP has agreed to contribute another $30 million of equity to the transaction.
GSCP has acknowledged that there has been no materialadverse change in Myers' business, and that GSCP's deadline extension requestresulted from its desire to further evaluate conditions in certain industriesin which Myers operates.
John C. Orr, Myers Industries' president and chiefexecutive officer said, "Both sides continue to work closely to completethis transaction. In light of GSCP's request for an extension, which wereceived the evening of December 7, the board of directors determined that itis in the best interest of Myers' shareholders to preserve thisopportunity."