CLEVELAND, OH – The Sherwin-Williams Company (NYSE: SHW) announced that, on April 3, 2014, it sent notice to the sellers that effective immediately Sherwin-Williams is terminating the amended and restated stock purchase agreement, dated September 16, 2013, to acquire the Mexico business of Consorcio Comex, S.A. de C.V. Under the terms of the agreement, either Sherwin-Williams or the sellers may terminate the agreement in the event that the closing of the acquisition did not occur on or prior to March 31, 2014 and such party is not in material breach of the agreement.
Sherwin-Williams also announced that, on April 3, 2014, it filed a complaint for a declaratory judgment in the Supreme Court of the State of New York, New York County, requesting the court to declare that Sherwin-Williams has used commercially reasonable efforts as required under the stock purchase agreement and has not breached the agreement. On April 1, 2014, the sellers notified Sherwin-Williams of their incorrect belief that Sherwin-Williams breached its obligations to use such commercially reasonable efforts.
The Sherwin-Williams Company
Founded in 1866, The Sherwin-Williams Company is a global leader in the manufacture, development, distribution, and sale of coatings and related products to professional, industrial, commercial, and retail customers.
Source: The Sherwin-Willliams Company
Have something to say? Share your thoughts with us in the comments below.