20 March 2016
DETAILS
The Sherwin-Williams Company (NYSE: SHW)
and The Valspar Corporation (NYSE: VAL)
today announced that they have entered
into a definitive agreement under which
Sherwin-Williams will acquire Valspar
for $113 per share in an all-cash transaction, or
an enterprise value of approximately $11.3 billion.
At $113 per share, the transaction, which has been
unanimously approved by
the Boards of Directors of both companies,
represents a premium of approximately 41%
to Valspar's volume weighted average price
for the 30 days up to and including March 18, 2016.
Sherwin-Williams and Valspar
have highly complementary paints and coatings
offerings and this combination enhances
Sherwin-Williams position as
a premier global paints and coatings provider.
The transaction results in
an exceptional, diversified array of strong brands
and technologies, accelerates
Sherwin-Williams growth strategy
* by expanding its global platform
in Asia-Pacific and EMEA,
* and also adds new capabilities
in the packaging and coil segments.
The combined company would have
pro forma 2015 Revenues and Adjusted EBITDA
(including estimated annual synergies)
of approximately $15.6 billion and
$2.8 billion, respectively,
with approximately 58,000 employees.
CONTACTS:
For The Sherwin-Williams Company
Investor Relations Contact:
Bob Wells
Senior Vice President, Corporate Communications and Public Affairs
Sherwin-Williams
(216) 566-2244
rjwells@sherwin.com
Media Contacts:
Mike Conway
Director, Corporate Communications
Sherwin-Williams
(216) 515-4393
mike.conway@sherwin.com
Or
Sard Verbinnen & Co
Jim Barron / Jared Levy / Patrick Scanlan
(212) 687-8080
For Valspar
Investor Contact:
Bill Seymour
Vice President, Finance and Investor Relations
(612) 656-1328
william.seymour@valspar.com
Media Contacts:
Kimberly A. Welch
Vice President, Communications
(612) 656-1347
kim.welch@valspar.com
Or
Joele Frank, Wilkinson Brimmer Katcher
Matthew Sherman / Tim Lynch / Joseph Sala
(212) 355-4449
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