This represents an estimated total enterprise value of approximately $855m including total indebtedness.
The offer represents a 25% premium over the closing price of Ferro common stock on 1 March 2013, and a 32% premium over the volume-weighted average trading price over the preceding 60-day period.
The company said its proposed offer price of $6.50 per share includes an immediate cash payment of $3.25 for each Ferro share outstanding, and $3.25 worth of A Schulman common stock.
“A Schulman and Ferro are both recognised leaders in specialty chemicals with value-added product lines, similar business models, complementary competencies, markets and applications,” said Joseph M Gingo, chairman, president and CEO of A Schulman. “We believe our combination will deliver superior value to our respective shareholders and offer better value to customers, and we would welcome the opportunity to engage in a mutually beneficial dialogue with Ferro’s board and management.”
Source: A Schulman
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