MINNEAPOLIS — The Valspar Corp. and Lilly Industries Inc. said they have received requests for additional information and other “documentary materials” from the Federal Trade Commission (FTC) concerning Valspar’s previously announced agreement to acquire Lilly. The request extended the waiting period under the Hart-Scott-Rodino Antitrust Improvement Act, during which the parties are not allowed to complete the transaction.
Valspar provided no details about the nature of the FTC request, but said both companies plan to comply “expeditiously.” Valspar said it expects to complete the acquisition before the end of the year. A spokesman for Lilly also declined comment on the FTC request.
Under terms of the purchase agreement, Valspar plans to acquire Lilly, a major manufacturer of industrial coatings, for approximately $975 million, including the assumption of $213 million in debt.