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.
Trending On Reuters
We are living longer but not creating financial plans to keep pace. Advisers give tips on how to make sure you don’t outlive your money. Video