Ferro annual meeting is next key event in A Schulman takeover bid

09 April 2013 22:48  [Source: ICIS news]

HOUSTON (ICIS)--Ferro's upcoming annual meeting is the next key event in A Schulman's hostile bid to take over the company, the CEO of the US-based compounder said on Tuesday.

Ferro's shareholders will vote on board members during the company's annual meeting, which takes place on 15 May, said Joseph Gingo, the CEO of A Schulman.

Gingo made his comments during his company's earnings conference call.

Ferro rejected A Schulman's previous bid without negotiating the price or the structure of the deal, Gingo said.

However, if new members are elected, they may persuade the board to discuss the bid with A Schulman and consider it further even though they felt that the offer was too low, Gingo said. "So my hope is just to get in the door."

Ferro did not immediately respond to a request for comment.

A Schulman on 4 March bid $6.50/share to acquire Ferro. The offer valued Ferro at $855m (€658m), including an equity value of $563m.

($1 = €0.77)

By: Al Greenwood
+1 713 525 2645

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