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The Sherwin-Williams Company and The Valspar Corporation have extended the termination date of the definitive agreement under which Sherwin-Williams will acquire Valspar for US$113/ share in an all-cash transaction, 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 to complete the Valspar acquisition. As previously disclosed, the expected divestiture represents annual revenues well below the threshold of US$650M of Valspar 2015 revenues. At that time, Sherwin-Williams expected the divestiture and the Valspar transaction to be closed by the end of April 2017.
The extension of the merger agreement to June 21, 2017 is intended to provide sufficient time to complete the Valspar acquisition.
