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Chemical Week Magazine :: Top of the Week
Schulman makes hostile bid to acquire Ferro for $855 million
7:53 AM MST | March 8, 2013 | â€”Rebecca Coons
A. Schulman last week announced a hostile bid to acquire struggling Ferro for $6.50/share. The offer price represents a 25% premium to Ferroâ€™s closing price on 1 Marchâ€”the last trading day before Schulmanâ€™s announcementâ€”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 Ferroâ€™s board privately rejected Schulmanâ€™s approach. Ferro maintains that its own restructuring efforts will create more value for company shareholders. The offer includes cash payment of $3.25...
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