Add another deal to the leveraged buyout dead pool. Private equity firm Goldman Sachs Capital Partners walked away from its $1.1 billion take-private of rubber and plastics maker Myers Industries Inc.
The Akron, Ohio, company's announcement said the two parties mutually agreed to terminate the deal, but did not specify the reason. The buyout had been in doubt for many months, particularly following a December 2007
extension to the deal that would allow GSCP time to assess Myers' prospects. Shares of the company had traded close to the $22.50 buyout price until that announcement, after which the bottom fell out. The stock has not topped $15 per share since. Meyers was down 3.55% to $13.12 in early Friday afternoon trading. -
George White
See full story from TheDeal.comSee press releaseSee story on deal extension from TheDea.com
