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

Pregis Corp. to get new owner

April 22, 2014 11:44 am ET

The private equity owner of Pregis Corp. is selling off its North American operations for an undisclosed sum.    More

Two Eastman buildings among 10 biggest energy savers in national contest

April 22, 2014 11:35 am ET

Two offices at the headquarters of Eastman Chemical Co. in Kingsport, Tenn., ranked in the Top 10 for energy efficiency in the latest Energy Star...    More

Image

Material Insights: Shell Chemical meets with residents

April 21, 2014 2:16 pm ET

Power outage at a PE plant and the return of a PVC feedstock plant after a fire on this week's Material Insights.    More

DuPont: Asia's food packaging market at a major transition point

April 21, 2014 1:26 pm ET

DuPont Co. touted its packaging innovations and applications, and updated the firm's commercial status at a media event two days before the Chinaplas ...    More

Officials warn China's PVC overcapacity will only get worse

April 21, 2014 3:47 pm ET

Despite worsening overcapacity, China still imports a million tons of PVC.    More

Market Reports

Thermoformed Packaging 2014 Market Review & Outlook North America

This in-depth report provides analysis and discussions of economic and political conditions, market trends, legislative/regulatory activity impacting supply and demand, business opportunities and threats, materials pricing, manufacturing technology, as well as strategies being implemented by thermoformed packaging companies. In addition, there are reviews of 25 leading thermoformers in the packaging segment, assessing their growth initiatives and performance metrics over 10 years.

Learn more

Automotive Market Review and Outlook 2014 The Americas

This 75-page report features in-depth analysis of the automotive industry for the Americas. It includes discussions of market trends, legislative/regulatory activity impacting production and threats as well as design strategies being implemented by the major automakers. Detailed charts and data tables outline North American automotive production over the last five years.

Learn more

Plastics Building & Construction Market Review and Outlook 2014 with MS Excel chart data

This report provides in-depth analysis of the plastic building and construction market for North America, including discussions of trends, opportunities, threats and the latest developments in construction trends that impact plastics processors.

Learn more

Upcoming Plastics News Events

May 6, 2014 - May 8, 2014Plastics in Medical Devices 2014

May 12, 2014 - May 12, 2014Plastics News Brazil Pharma Summit

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

February 3, 2015 - February 7, 2015Plastics News Executive Forum 2015

More Events