Wrigley Field paints with Benjamin Moore
Benjamin Moore has partnered up with the Chicago Cubs to become the official paint of Wrigley Field.
First off? Temporarily restoring the Marquee’s 1930s green and gold color scheme in honor of the 100th anniversary season of Wrigley Field.
"We are excited to work with the Chicago Cubs during their incredible transformation of Wrigley Field," said Dan Calkins, SVP sales at Benjamin Moore & Co. "This work will showcase a variety of Benjamin Moore premium products that will perfectly restore and elevate the beauty of the Friendly Confines, whose heritage and fan base are one of the most storied in baseball."
A ceremonial first brushstroke kicked off the project on Wednesday. The Marquee will later be painted back to its current red color, compliments of Benjamin Moore.
"It takes high-quality products and expertise to maintain a 100-year-old ballpark, which is why we’re excited to partner with Benjamin Moore as the official paint of the Chicago Cubs and Wrigley Field," said Cubs VP ballpark operations Carl Rice. "We’ll rely on Benjamin Moore’s paints to keep Wrigley Field looking its best during our centennial season and know they’ll be a tremendous asset for our future projects as well."
The organizations are offering the first 1,000 visitors the chance to win a limited-edition Chicago Cubs/Benjamin Moore tshirt, as well as contribute to painting a large baseball-themed mural.
The deal makes good for a five-year partnership between Benjamin Moore and the Cubs.
Comex suing Sherwin-Williams over botched deal
Mexican paint company Consorcio Comex is reportedly suing Sherwin-Williams over the botched deal it terminated last month, alleging that the company had not demonstrated a sufficient effort to follow through on the terms of the deal.
Sherwin-Williams drafted the stock purchase agreement last September, which stipulated that either party may terminate the deal in the event that the closing of the acquisition did not occur on or prior to March 31, 2014. Mexico’s Federal Economic Competition Commission rejected the bid twice, claiming that the acquisition would create monopoly conditions in Mexico’s paint market.
Comex is asking the International Chamber of Commerce to arbitrate the dispute, but is not indicating how much it is seeking in damages.
The deal, initially announced in November 2012, came at a price tag of $2.34 billion.
LP and Ainsworth call off their deal
Not that no one saw it coming, but Louisiana-Pacific Corporation and Ainsworth Lumber Co. have officially terminated their acquisition bid after months of regulatory delays.
In a joint statement released Wednesday, the companies explained that they could not obtain regulatory approval without lengthy and expensive litigation with U.S. and Canadian regulatory authorities.
“We believe this transaction would have led to positive outcomes for customers, employees and shareholders, and fundamentally disagree with the analysis by antitrust agencies of the competitive dynamics of our industry," said LP CEO Curt Stevens. "Our business experience, supported by expert economic analysis, continues to be that North America is an integrated market for structural panels. We will continue to compete on a continent-wide basis but feel we have no choice but to terminate the agreement rather than accept the distraction, disruption, costs and risk of litigating this matter in both the U.S. and Canada, where the process could take upwards of a year.”
“Although we are disappointed with this outcome, we look forward to advancing the ongoing growth and success of our business," added Ainsworth CEO Jim Lake. "Our strong competitive positioning, combined with our additional low cost capacity and strong balance sheet profile will allow us to capitalize on the expected recovery in the U.S. housing market and continued growth in our export markets."
The agreement, dated Sept. 4, 2013, involved the acquisition of Ainsworth’s outstanding common shares by LP. The $1.1 billion deal was aimed at helping LP make the most of the housing recovery by leveraging Ainsworth’s resources and access to international growth markets.