05.12.16
The Sherwin-Williams Company and The Valspar Corporation announced that, as expected, the companies have each received a request for additional information and documentary materia from the United States Federal Trade Commission (FTC) in connection with Sherwin-Williams’ pending acquisition of Valspar. The Second Request was issued under notification requirements of the Hart-Scott-Rodino Antitrust Improvements Act of 1976, as amended (the HSR Act). This Second Request is a common part of the regulatory process in connection with the FTC’s review.
The transaction, which was announced on March 20, 2016, is subject to approval of Valspar’s shareholders and satisfaction of other customary closing conditions, including expiration or termination of the waiting period under the HSR Act. The effect of the Second Request is to extend the waiting period imposed by the HSR Act until 30 days after Sherwin-Williams and Valspar have substantially complied with the request, unless that period is extended voluntarily by the parties or terminated sooner by the FTC. Sherwin-Williams and Valspar are cooperating fully with the FTC staff and continue to expect the transaction will close by the end of Q1 calendar year 2017. Given the complementary nature of the businesses and the benefits this transaction will provide to customers, Sherwin-Williams and Valspar continue to believe that no or minimal divestitures should be required to complete the transaction.
The transaction, which was announced on March 20, 2016, is subject to approval of Valspar’s shareholders and satisfaction of other customary closing conditions, including expiration or termination of the waiting period under the HSR Act. The effect of the Second Request is to extend the waiting period imposed by the HSR Act until 30 days after Sherwin-Williams and Valspar have substantially complied with the request, unless that period is extended voluntarily by the parties or terminated sooner by the FTC. Sherwin-Williams and Valspar are cooperating fully with the FTC staff and continue to expect the transaction will close by the end of Q1 calendar year 2017. Given the complementary nature of the businesses and the benefits this transaction will provide to customers, Sherwin-Williams and Valspar continue to believe that no or minimal divestitures should be required to complete the transaction.
