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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Valaris Limited | NYSE:VAL | NYSE | Common Stock |
Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 68.25 | 0 | 09:00:00 |
By Joshua Jamerson
Paint makers Sherwin-Williams Co. and Valspar Corp. affirmed Monday that their tie-up is on track to close on schedule by the end of the first quarter, seeking to put to rest what the firms called "unfounded market rumors" about regulatory pushback.
The companies specifically addressed the prospects of the marriage passing regulatory muster without Sherwin-Williams divesting itself of a large chunk of its business.
"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 companies said in a statement.
In March, Sherwin-Williams agreed to pay more than $9 billion in cash for Valspar in a deal valued at a 35% premium to Valspar's closing price at the time. In a nuanced way to handle antitrust risk, the deal includes an unusual clause to slash the $113-a-share purchase price should antitrust regulators demand aggressive divestitures.
If Sherwin is forced to sell businesses representing more than $650 million of Valspar's 2015 revenue, the price drops by $8 a share. Sherwin could walk away entirely if divestitures climb to $1.5 billion of revenue, a provision that is more common.
In Monday morning trading, Valspar stock fell 1.4% to $103.07.
The transaction, which has been approved by Valspar shareholders, is subject to customary closing conditions and regulatory approvals. The company said Monday that it is still in discussions with regulators.
Write to Joshua Jamerson at joshua.jamerson@wsj.com
(END) Dow Jones Newswires
December 19, 2016 10:54 ET (15:54 GMT)
Copyright (c) 2016 Dow Jones & Company, Inc.
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