A. Schulman offers to buy Ferro for $563 million
March 4 (Reuters) - Chemical maker A. Schulman Inc offered to buy peer Ferro Corp for $563 million in cash and stock to add products used in markets such as construction, automotive, appliances, electronics and household furnishings.
A. Schulman's offer of $6.50 per share includes cash of $3.25 and the rest in shares, the company said in a statement on Monday.
The offer is at a 25 percent premium to Ferro's closing price of $5.20 on the New York Stock Exchange on Friday.
Ferro shares jumped 28 percent to $6.65 in trading before the bell.
The offer is valued at about of $855 million including debt, A. Schulman said.
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