Compounder and resin distributor A. Schulman Inc. has thrown in the towel on its effort to buy Ferro Corp.
Reuters reports that Fairlawn, Ohio-based A. Schulman has dropped its bid for Mayfield Heights, Ohio-based Ferro, about four months after it had offered $563 million for its smaller rival.
“We have given Ferro’s board ample time to come back to us to initiate a discussion,” A. Schulman CEO Joe Gingo said on a conference call with analysts on Tuesday, according to Reuters.
“At this time, this has not happened, so we have decided to look elsewhere for acquisition opportunities,” Gingo said.
Schulman first contacted Ferro in November and expressed its interest in Ferro in a letter on Feb. 13, but was rebuffed. A formal offer in March also was rejected, Reuters noted.