S&P Places Ratings of Sherwin-Williams (SHW) on Review for Downgrade Amid Valspar (VAL) Deal
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Go back to S&P Places Ratings of Sherwin-Williams (SHW) on Review for Downgrade Amid Valspar (VAL) Deal
March 20, 2016 1:55 PM EDT
(Reuters) - The Sherwin-Williams Co (NYSE: SHW) has agreed to acquire rival U.S. paint company Valspar Corp (NYSE: VAL), the companies said on Sunday, in an all-cash deal valued at about $9.3 billion.
Sherwin-Williams will pay $113 a share, or a premium of about 41 percent to Valspar's volume weighted average price for the 30 days through March 18, they said in a statement.
Valspar shares closed at $83.83 on Friday on the New York Stock Exchange, and Sherwin-Williams ended at $288.69.
Sherwin-Williams said the deal had "an enterprise value of about $11.3 billion."... More
March 20, 2016 1:08 PM EDT
The Sherwin-Williams Company (NYSE: SHW) and The Valspar Corporation (NYSE: VAL) announced that they have entered into a definitive agreement under which Sherwin-Williams will acquire Valspar for $113 per share in an all-cash transaction, or an enterprise value of approximately $11.3 billion. At $113 per share, the transaction, which has been unanimously approved by the Boards of Directors of both companies, represents a premium of approximately 41% to Valspar's volume weighted average price for the 30 days up to and including March 18, 2016.
Sherwin-Williams and Valspar have highly complementary paints and coatings offerings and this... More
