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

RJG buys UK training group G&A

September 30, 2014 11:10 am ET

G&A Moulding Technology Ltd., a United Kingdom-based training and consultancy group, has been bought by RJG Inc., the U.S.-based training business.    More

Image

Asahi Kasei breaks ground on Alabama compounding plant

September 29, 2014 5:39 pm ET

Asahi Kasei Plastics North America will be able to solve two problems at once with a new compounding plant in Athens, Ala.    More

Image

DuPont shifting Teflon production in China

September 29, 2014 2:35 pm ET

DuPont Co. will spend more than $15 million to improve its fluoropolymer product offerings in China.    More

Image

Sale of PVC maker Oltchim still in limbo

September 29, 2014 10:25 am ET

Fresh attempts to privatize insolvent Romanian PVC producer Oltchim SA have met with new obstacles as the European Union questioned the Romanian...    More

Image

Clariant extends reach into Asia with acquisition

September 29, 2014 9:54 am ET

Clariant International Ltd. is buying VitaPac (HK) Industrial Ltd., a Hong Kong-based company which produces desiccant packets for the healthcare pack...    More

Market Reports

Plastics in Mexico - State of the Industry Report

This report analyzes the $20 million dollar plastics industry in Mexico including sales of machinery & equipment, resins and finished products.

Our industry analysis highlights macro industry trends and micro trends faced by companies that do business in Mexico. The report also provides key industry statistics and forecasts to anticipate future industry expansion.

Learn more

Plastics Caps & Closures Market Report

The annual recap of top trends and future outlook for the plastics caps & closures market features interviews with industry thought leaders and Bill Wood’s economic forecast of trends in growing end markets. You will also gain insight on trends in caps design, materials, machinery, molds & tooling and reviews of mergers & acquisitions.

Learn more

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

Upcoming Plastics News Events

January 14, 2015 - January 14, 2015Plastics in Automotive

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

June 2, 2015 - June 3, 2015Plastics Financial Summit - Chicago 2015

September 16, 2015 - September 18, 2015Plastics Caps & Closures - September 2015

More Events