GS Capital extends closing of Myers buyout to April

By Lisa Kerner

Charlotte, N.C., Dec. 10 - GS Capital Partners requested more time to complete its acquisition of Myers Industries, Inc., moving the closing date to April 30 from Dec. 15.

It was previously reported that the closing would occur in the third quarter of 2007.

This latest delay is not due to a material adverse change and Myers is free to respond to takeover proposals received during the extension period, according to a company news release.

In exchange for the extended closing date, GS Capital agreed to make a non-refundable payment to Myers of $35 million, the release stated.

GS Capital secured an extension of its debt financing commitments from Goldman Sachs Credit Partners and Key Bank and agreed to contribute another $30 million of equity to the transaction.

Myers' board of directors also announced an increase in the company's regular quarterly dividend to $0.06 from $0.0525 per common share, as well as a special dividend payment of $0.28 per share payable Jan. 2. The record date for the dividend payment is Dec. 20.

Myers is being bought by GS Capital in a transaction valued at $1.07 billion, including the assumption or repayment of about $276 million of debt. Shareholders will receive $22.50 per share in cash for each share of common stock they hold, according to a prior news release.

Myers is an Akron, Ohio, manufacturer of polymer products for industrial, agricultural, automotive, commercial and consumer markets.

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