The $1 billion deal, announced last April, was to close in September. The closing was put off until Dec. 15, a point the Akron plastics and tire tool and equipment distributor reaffirmed in November.
Now the deal will not close until Apr. 30, 2008.
As a result of the action, Myers will pocket $35 million, according to reports, and will be able to negotiate with other potential suitors. The one-time payment was part of the original sales agreement.
GS Capital proposed buying out Myers at a price of $22.50 a share, but the company’s shares fell well below that mark in recent months. The equity firm asked for the extensions, said reports, in order to make further evaluations.
With the news, Myers shares dropped 29% to $15.30 on Monday morning. (Tire Review/Akron)