Myers Industries (NYSE: MYE) got its start more than 70 years ago. The founders included two brothers, Louis and Meyer Myers. They saw a big market opportunity for tire repair and retreading. So with a $620 loan, they got their company going.
Now, the company is a leader in the manufacturing of polymer products. Annual revenues are about $780 million or so.
But soon Myers will no longer be a public company. This week, it announced that it is going private for $1.07 billion (which includes the $276.0 million of debt). The buyer is GS Capital Partners, which is the private equity arm of Goldman Sachs.
Over the past couple years, Myers has gone through a restructuring. But the stock price has not moved much (at least over the past 12 months).
However, Wall Street is betting there will be a higher bid. The current stock price for Myers is $22.50, which is the exact amount of GS's offer.
Tom Taulli is the author of various books, including the Complete M&A Handbook and the EDGAR-Online Guide to Decoding Financial Statements.
