Paint manufacturer Wattyl Ltd (ASX: WYL) disclosed on Wednesday that it has received an assurance from the Australian Competition and Consumer Commission (ACCC) that it would intervene on the company's merger plans with US firm The Valspar Corporation.

The Sydney-based paint maker said that with the seeming approval being given by the competition watchdog and in the absence of a rival and better proposal, the company's board is now all set to endorse the looming takeover proposed by Valspar.

The company had earlier indicated that it is accepting Valspar's bid of $142 million in cash purchasing Wattyl.

The New York Stock Exchange-listed Valspar is presently one of the world's biggest paint and coating companies and has already affirmed its commitment to buy Wattyl shares for $1.67 each.

Wattyl said that a September 8 shareholders' meeting was already scheduled to discuss and vote on the takeover scheme of arrangement.