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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 | |
---|---|---|---|---|---|---|---|---|
3.20 | 4.92% | 68.25 | 68.475 | 66.12 | 66.12 | 1,181,716 | 01:00:00 |
By Joshua Jamerson
Valspar Corp. shareholders approved Wednesday the sale of the paint and coatings maker to Sherwin-Williams Co. after a monthlong voting process.
Valspar shares fell 0.2% to $107.41 in morning trading in New York as Sherwin-Williams stock fell 0.4% to $288.92.
Though shareholders approved the deal at a meeting Wednesday, it could take months for them to find out how much they will get, as the final payout is contingent on review by antitrust regulators. Cleveland-based Sherwin-Williams has agreed to pay up to $113 a share for Valspar, a 35% premium to its share price before the all-cash deal was revealed in March.
But if the Federal Trade Commission requires that certain businesses be shed as a condition for approving the sale, Sherwin-Williams would lower its purchase price. Federal antitrust regulators are combing through the two companies' business lines in paint and industrial coatings for potentially unfair market concentrations.
Though both companies make paint, they have different retail strategies. Minneapolis-based Valspar sells paint mostly through a variety of consumer-focused chain stores, including home-improvement retailers such as Lowe's Co. and Ace Hardware stores.
Sherwin-Williams relies on more than 4,000 company-owned stores in the U.S. and Canada to sell paint, primarily to professional painters and contractors. These specialty paint stores have come under increasing competitive pressure in recent years from big-box retailers, and Sherwin-Williams would gain more access to retailers through the tie-up with Valspar.
The transaction, subject to regulatory approval, is still expected to close by the end of the first quarter of 2017.
Bob Tita contributed to this article.
(END) Dow Jones Newswires
June 29, 2016 12:18 ET (16:18 GMT)
Copyright (c) 2016 Dow Jones & Company, Inc.
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