Myers Industries Shareholder to Vote Against Proposed Purchase

(Akron/Tire Review) On July 23 in Akron, Ohio, Myers Industries shareholders are expected to vote on the proposed $1.07 billion purchase of Myers Industries by GS Capital Partners, a private-equity unit of Goldman Sachs.

One of Myers Industries’ shareholders, Mario Gabelli, stated in a letter filed with the Securities and Exchange Commission that he would vote against the merger proposal. Gabelli’s investment company holds more than 3.1 million shares (8.9% of outstanding shares) of Myers Industries.

In his letter, Gabelli stated that federal TPMS requirements present opportunities for the company’s automotive service business and that financial projections do not include benefits gained from a potential financial restructuring. However, Myers Industries’ board of directors reportedly supports the purchase.