Sherwin-Williams and Valspar Extend Merger Agreement
CLEVELAND/MINNEAPOLIS – The Sherwin-Williams Co. and The Valspar Corp. have extended the termination date of the definitive agreement under which Sherwin-Williams will acquire Valspar from March 21, 2017 to June 21, 2017.
Sherwin-Williams previously reported in its 2016 year-end earnings release and 2016 Annual Report that it expected a divestiture would be required to gain approval from the Federal Trade Commission (FTC) to complete the Valspar acquisition. As previously disclosed, the expected divestiture represents annual revenues well below the threshold of $650 million of Valspar 2015 revenues, such that the Valspar transaction is expected to be completed at a price of $113 per share. At that time, Sherwin-Williams expected the divestiture and the Valspar transaction to be closed by the end of April 2017.