Ferro Corporation has confirmed that it had previously received and rejected an unsolicited proposal from A. Schulman to acquire all of the outstanding shares of Ferro common stock.
Ferro Corporation has confirmed that its Board of Directors had previously received and rejected an unsolicited proposal from A. Schulman, Inc. to acquire all of the outstanding shares of Ferro common stock for USD 6.50 per share in cash and stock.
Ferro’s Board of Directors, in consultation with financial and legal advisors, unanimously determined that the A. Schulman proposal is not in the best interests of Ferro shareholders and that continued execution of the company’s value creation strategy will deliver greater value to Ferro shareholders.
Ferro advises shareholders to take no action at this time.
Goldman, Sachs & Co. is serving as Ferro’s financial advisor, and Jones Day is serving as its legal advisor.
Ferro Corporation is a leading global supplier of technology-based performance materials for manufacturers. Ferro materials enhance the performance of products in a variety of end markets, including building and construction, automotive, appliances, electronics, household furnishings, pharmaceuticals, and industrial products.
Headquartered in Mayfield Heights, Ohio, the company has approximately 4,860 employees globally and reported 2011 sales of USD 2.2 billion.