02 July 2013 20:56 [Source: ICIS news]
HOUSTON (ICIS)--A Schulman is moving on from its unsolicited bid made months earlier months for fellow ?xml:namespace>
On 4 March, A Schulman bid $6.50/share to acquire Ferro. The offer valued Ferro at $855m (€658m), including an equity value of $563m. Ferro rejected the offer but in late May formed a strategic committee to view its options.
A Schulman has not heard back from Ferro since the committee was formed, said A Schulman CEO Joseph Gingo during a conference call over the compounder’s fiscal Q3 earnings.
“We have given Ferro’s board ample time to come back to us to initiate a discussion,” he said. “At this time, this has not happened, so we have decided to look elsewhere for acquisition opportunities.”
In May, A Schulman reached an agreement with Network Polymers to purchase the specialty compounder for about $50m.
The transaction should be completed by fiscal Q1 2014 and will strengthen A Schulman’s
“This acquisition will be another step in our continued efforts to transform our
($1 = €0.77)
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