By market close, shares had fallen 3.3% to $193.89.
The paint and coatings producer said as per its agreement dated Sep. 16, 2013 either party could terminate the agreement without penalty if the closing of the acquisition did not occur before March 31, 2014.
A day earlier, the company filed a complaint for a declaratory judgment from the Supreme Court of the State of New York, requesting the court to declare Sherwin-Williams had used commercially reasonable efforts to close the acquisition.
On April 1, Consorcio Comex faulted Sherwin-Williams for breaching its obligations to use such commercially reasonable efforts.
Further details will be provided once the company reports its first quarter before the bell on Thursday, April 17.
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TheStreet Ratings team rates SHERWIN-WILLIAMS CO as a Buy with a ratings score of A. TheStreet Ratings Team has this to say about their recommendation:
"We rate SHERWIN-WILLIAMS CO (SHW) a BUY. This is based on the convergence of positive investment measures, which should help this stock outperform the majority of stocks that we rate. The company's strengths can be seen in multiple areas, such as its impressive record of earnings per share growth, compelling growth in net income, revenue growth, notable return on equity and expanding profit margins. We feel these strengths outweigh the fact that the company shows weak operating cash flow."