A. Schulman Inc Offers To Acquire Ferro Corp

A. Schulman Inc announced that it has made a proposal to the Board of Directors of Ferro Corp to acquire all of the outstanding shares of Ferro common stock for per-share consideration of $6.50, representing an estimated total enterprise value of approximately $855 million including total indebtedness. The offer represents a 25% premium over the closing price of Ferro common stock on March 1, 2013, and a 32% premium over the volume-weighted average trading price over the preceding 60-day period. The Company said its proposed offer price of $6.50 per share includes an immediate cash payment of $3.25 for each Ferro share outstanding and $3.25 worth of A. Schulman common stock. When cost savings and synergies are fully implemented, A. Schulman estimates annual savings of $35 million over and above the previously announced Ferro targets.