Ferro Corp Rejects Schulman Takeover Bid

A Schulman Inc of Akron, OH has made a proposal to acquire all of the outstanding common shares of Ferro Corp of Cleveland, OH for US$6.50/share to be paid half in cash and half in A Schulman common stock. The transaction value is estimated at US$855 million including total indebtedness. Ferro has rejected the offer saying it prefers to remain independent. Ferro’s business units include color & glass performance materials, polymer additives, porcelain enamel, specialty plastics, and tile coating systems; the company generated 2012 sales of US$1.8 billion. A Schulman is a supplier of high-performance plastic compounds and resins and had 2012 sales of US$2.1 billion.

Volume 27 issue 5

Leave a Reply