18th February 2020

SHERWIN-WILLIAMS AND VALSPAR POSTPONE CLOSURE

The planned joining of Valspar Corp. and Sherwin-Williams Co. has been postponed until June. The companies reportedly need more time to satisfy regulators’ divestiture requirements. Sherwin-Williams’ purchase of Valspar — for $113 per share — was earlier expected to close by March 21, or possibly in April.

Sherwin-Williams reported earlier this year that it expected the US Federal Trade Commission to require some sort of divestiture from Valspar’s portfolio before regulators would approve the acquisition, which was originally priced around $11.3-billion. Details of the divestiture have not been announced.

“We continue to move forward on the divestiture of a single business that we believe will allow us to gain approval from the FTC, and we are in discussions with a number of prospective buyers,” said Sherwin-Williams CEO John Morikis. “We remain confident in our ability to complete the divestiture at a fair price, and we look forward to unlocking the value of the combined business when the Valspar acquisition closes.”

www.sherwin-williams.com