Schulman offers to acquire Ferro for $855 million

A. Schulman has announced a hostile bid to acquire struggling Ferro for $6.50/share. The offer price represents a 25% premium to Ferro’s closing price on 1 March—the last trading day before Schulman’s announcement—and a 32% premium over the average trading price over the preceding 60-day period. Schulman made the offer public less than three weeks after Ferro’s board privately rejected Schulman’s approach. Ferro maintains that its own restructuring efforts will create more value for company shareholders. The offer includes cash...

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