| Ticker | Status | Jurisdiction | Filing Date | CP Start | CP End | CP Loss | Deadline |
|---|
| Ticker | Case Name | Status | CP Start | CP End | Deadline | Settlement Amt |
|---|
| Ticker | Name | Date | Analyst Firm | Up/Down | Target ($) | Rating Change | Rating Current |
|---|
Myers Industries, Inc (NYSE:MYE) and Signature Systems are planning a $350-million merger.
The transaction will be financed through a new $350 million credit facility.
Signature has projected 2023 revenue, operating income, and Adjusted EBITDA of approximately $122 million, $24 million and $44 million, respectively.
The transaction is expected to close in the first quarter of 2024 and deliver EPS accretion of 20 cents - 30 cents in 2025, 40 cents - 50 cents in 2026 and additional meaningful EPS accretion beyond 2026.
Annualized run-rate operational and cost synergies of $8 million are expected to be fully obtained by 2025.
“This acquisition is a catalyst in the transformation of Myers Industries and firmly moves us into Horizon Two of our Three Horizon strategy,” said CEO Mike McGaugh.
Moelis & Company LLC advised Myers on the transaction.
Myers held $24.8 million in cash and equivalents as of Sep. 30.
Myers manufactures a wide range of polymer products for industrial, agricultural, automotive, commercial and consumer markets.
Price Action: MYE shares are trading higher by 0.15% at $19.58 on the last check Tuesday.
Posted In: MYE
