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Shares of Myers Industries(MYE Quote) plunged 24% Monday after Goldman Sachs(GS Quote) delayed closing its buyout of the polymer-products maker.
Goldman Sachs Capital Partners, the private-equity arm of the investment banking behemoth, extended the closing deadline of the Myers acquisition to April 30. Previously, the transaction was slated to close Dec. 15.
As a result of the delay, Goldman agreed to pay Myers $35 million.
According to Myers, Goldman said there has been no material adverse change in the company's business. Rather, the deadline extension resulted from Goldman's desire to "further evaluate conditions in certain industries in which Myers operates." ...
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