A. Schulman brings on legal, financial advisers to help with Ferro buy

CRAIN'S CLEVELAND BUSINESS

Published: March 22, 2013 2:14 pm ET
Updated: March 22, 2013 2:16 pm ET

Related to this story

Topics Materials, Mergers & Acquisitions, Materials Suppliers
Companies & Associations A. Schulman Inc., Ferro Corp.

FAIRLAWN, OHIO — A. Schulman Inc. has hired investment banking firm Moelis & Co. to serve as financial adviser in the company's effort to acquire Ferro Corp. for about $855 million, including debt.

Schulman, a Fairlawn-based compounder and resin distributor, also said Cleveland-based law firm Squire Sanders LLP will serve as its legal adviser in the proposed acquisition.

On March 4, Schulman announced it had made a hostile bid to the Ferro board of directors to acquire the Mayfield Heights, Ohio-based specialty chemicals maker for $6.50 per share; payment would consist of a cash payment of $3.25 for each Ferro share outstanding and $3.25 worth of Schulman common stock.

The offer "was hastily dismissed by Ferro's board of directors without further discussion or the opportunity for A. Schulman to conduct due diligence, even though A. Schulman expressed its willingness to adjust its offer if warranted by the due diligence process," Schulman said in a news release this morning announcing the retention of New York-based Moelis.

"We are pleased to have Moelis on board to assist us in our continued pursuit of this compelling business combination," said Joseph Gingo, chairman, president and CEO of Schulman, in a statement.

"Since we announced our offer, we have had active discussions with many Ferro shareholders, and the overwhelming majority of those shareholders strongly stated that Ferro's board should have entered into dialogue with us concerning our offer," Gingo said. "Many of the shareholders specifically indicated they will communicate that message to Ferro's board. Our offer merits serious consideration by the Ferro board, and we are encouraged by the Ferro shareholder responses."

Ferro shares closed trading on Thursday, March 22, at $6.75, or 25 cents above the Schulman offer.


Comments

A. Schulman brings on legal, financial advisers to help with Ferro buy

CRAIN'S CLEVELAND BUSINESS

Published: March 22, 2013 2:14 pm ET
Updated: March 22, 2013 2:16 pm ET

Post Your Comments


Back to story


More stories

Image

Newell Rubbermaid to acquire Contigo brand

July 21, 2014 5:00 pm ET

Consumer products company Newell Rubbermaid Inc. has signed an agreement to acquire Ignite Holdings LLC, owner of the Contigo and Avex brands of...    More

China launches investments in Belarus

July 21, 2014 10:10 am ET

China is preparing to invest in a major bottle grade PET production project planned by the Belarus PET and polyester fibers producer...    More

Image

Huhtamäki to evaluate its films business

July 21, 2014 9:52 am ET

Finland-based plastics packaging group, Huhtamäki Oyj, has announced that it is evaluating its options regarding its films business, due to its...    More

Image

Thermoforming Technology Group adds Lyle Industries to its portfolio

July 18, 2014 2:48 pm ET

Thermoforming Technology Group LLC has expanded its thermoforming equipment presence with the acquisition of Lyle Industries Inc.    More

Image

Polynt, CCP create composite resins giant

July 18, 2014 10:13 am ET

France's Total SA has agreed to sell CCP Composites to Polynt Group SpA, based in Italy, for an undisclosed price.    More

Market Reports

Injection Molders Market Report & Ranking 2014

This special package contains our 132-page 2014 Market Report on the Injection Molding segment and our exclusive 2014 RANKINGS database of 500+ Injection Molders for a discounted package price.

Learn more

Plastics Recycling Market Review & Outlook 2014

This special report from Plastics News examines the North American plastics recycling industry and provides insight into indicators that impact market viability, including Resin pricing trends for virgin and recycled market material and historical Resin production trends for post- consumer and industrial waste.

Learn more

Shale Gas Market - Analysis of North American Region

This report highlights the impact of shale-based natural gas on the North American plastics market and features an in-depth analysis of production trends in the United States during 2013 and a forecast for 2014 and beyond.

Learn more

Upcoming Plastics News Events

September 10, 2014 - September 12, 2014Plastics Caps & Closures 2014

February 4, 2015 - February 6, 2015Plastics News Executive Forum 2015

More Events