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

2014 leaves some resin firms in the black while others struggle

January 23, 2015 2:37 pm ET

On the financial side, 2014 was good for Hexcel Corp., so-so for Celanese Corp. and it could have been better for Omnova Solutions.    More

Image

Clariant's ColorForward predicts future consumer trends

January 23, 2015 1:33 pm ET

Clariant International Ltd. is marking a decade of color forecasting with the 10th edition of its ColorForward program.    More

Image

The future for PolyOne is colorful

January 23, 2015 1:28 pm ET

PolyOne Corp. is writing four color stories for 2016.    More

Image

Mexico's Polymer Solutions looks to grow, expand offerings with name change

January 23, 2015 12:03 pm ET

British biodegradable additives developer Symphony Environmental Technologies plc's Mexico distributor has changed its name from Plásticos...    More

Image

W&H buys bigger stake in BSW

January 23, 2015 10:43 am ET

Windmoeller & Hoelscher KG will get more involved in flexible packaging machinery through its bigger stake in machinery maker BSW Machinery Handels-Gm...    More

Market Reports

Plastics in Automotive: Innovation & Emerging Trends

This special report newly released by PN and sponsored by The Conair Group examines current trends in the use of plastics in automotive, materials innovations and the changing landscape. It includes a review of legislative/regulatory activity impacting vehicle development and lightweighting, market opportunities & challenges for mold and toolmakers, innovative design strategies being implemented by major OEMs and suppliers, as well as a review of key indicators in Canada, Mexico, Brazil and China.

Learn more

Plastics Recycling Trends in North America

This report is a review and analysis of the North American Plastics Recycling Industry, including key trends and statistics based on 2013 performance. We examine market environment factors, regulatory issues, industry challenges, key drivers and emerging trends in post-consumer and post-industrial recycling.

Learn more

Injection Molding Market Analysis & Processor Rankings

Plastics News BUNDLED package contains our in-depth Market Analysis of the Injection Molding segment. You will gain keen insight on current trends and our economic outlook.

As a BONUS this includes PN's updated 2014 database of North American Injection Molders RANKED by sales volume. Sort, merge, mail & prospect by end market, materials processed, region, # of plants and more.

Learn more

Upcoming Plastics News Events

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