Lilly Industries announced that its shareholders have approved the company’s merger agreement with Valspar.

INDIANAPOLIS — Lilly Industries Inc. announced that its shareholders have approved the company’s merger agreement with The Valspar Corp., under which Lilly is expected to merge with a wholly owned subsidiary of Valspar. The merger remains subject to approval by antitrust regulators.

The companies said they expect to complete the proposed merger by year end, but Lilly said “no assurances can be made that we will receive the necessary governmental clearances on acceptable terms to complete the merger by then.”