Ferro Corporation (NYSE: FOE, the “Company”) today confirmed that its Board of Directors had previously received and rejected an unsolicited proposal from A. Schulman, Inc. (Nasdaq: SHLM) to acquire all of the outstanding shares of Ferro common stock for $6.50 per share in cash and stock.
Ferro’s Board of Directors, in consultation with financial and legal advisors, unanimously determined that the A. Schulman proposal is not in the best interests of Ferro shareholders and that continued execution of the Company’s value creation strategy will deliver greater value to Ferro shareholders.
Ferro advises shareholders to take no action at this time.
Goldman, Sachs & Co. is serving as Ferro’s financial advisor, and Jones Day is serving as its legal advisor.
About Ferro Corporation
Ferro Corporation (http://www.ferro.com) is a leading global supplier of technology-based performance materials for manufacturers. Ferro materials enhance the performance of products in a variety of end markets, including building and construction, automotive, appliances, electronics, household furnishings, pharmaceuticals, and industrial products. Headquartered in Mayfield Heights, Ohio, the Company has approximately 4,860 employees globally and reported 2011 sales of $2.2 billion.
Cautionary Note on Forward-Looking Statements
Certain statements in this press release may constitute “forward-looking statements” within the meaning of Federal securities laws. These statements are subject to a variety of uncertainties, unknown risks and other factors concerning the Company’s operations and business environment. Important factors that could cause actual results to differ materially from those suggested by these forward-looking statements and that could adversely affect the Company’s future financial performance include the following:
The risks and uncertainties identified above are not the only risks the Company faces. Additional risks and uncertainties not presently known to the Company or that it currently believes to be immaterial also may adversely affect the Company. Should any known or unknown risks and uncertainties develop into actual events, these developments could have material adverse effects on our business, financial condition and results of operations.
This release contains time-sensitive information that reflects management’s best analysis only as of the date of this release. The Company does not undertake any obligation to publicly update or revise any forward-looking statements to reflect future events, information or circumstances that arise after the date of this release. Additional information regarding these risks can be found in our most recent Annual Report on Form 10-K.
John Bingle, 216-875-5411
Treasurer and Director, Investor Relations
Innisfree M&A Incorporated
Jennifer Shotwell / Larry Miller, 212-750-5833
Mary Abood, 216-875-5401
Director, Corporate Communications
Joele Frank, Wilkinson Brimmer Katcher
Matthew Sherman / Tim Lynch / James Golden, 212-355-4449
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