IHS Chemical Week

People & Business :: M&A

Schulman, Ferro prepare for next stage in bid, proxy fight

2:15 PM MDT | April 15, 2013 | —Vincent Valk and Rebecca Coons

Ferro sold its pharmaceuticals business, increased its earnings guidance, and issued a letter to shareholders, while A. Schulman fell short of estimates and amended CEO Joseph Gingo’s contract to extend it in the event of a “transformational acquisition” as the companies hunkered down for the next stage in Schulman’s $855-million hostile bid for Ferro. Gingo’s revised contract provides for a two-year extension, and Schulman specifically mentioned Ferro as the kind of deal that could trigger the extension....

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