A. Schulman Inc. (SHLM) announced Monday that it continues to encourage the Ferro Corp. (FOE) Board of Directors to seriously consider its previously announced offer to acquire Ferro.
In March 2013, A. Schulman has made a proposal to acquire all of the outstanding shares of Ferro common stock for per-share consideration of $6.50, representing a 25% premium that day, and has expressed its willingness to adjust its initial offer as warranted by a customary due diligence process.
A. Schulman noted that the offer was flatly rejected by the Ferro Board in a brief note without further discussion or the opportunity for A. Schulman to conduct due diligence.
"Contrary to what the Ferro Board of Directors stated in a letter to Ferro shareholders dated April 18, 2013, our proposal is not a 'low-ball' offer, and we have publicly stated that we are open to revising the terms and structure of our initial offer, provided we are given an opportunity to conduct customary due diligence and engage in a meaningful dialogue with Ferro," said Joseph Gingo, Chairman, President and Chief Executive Officer of A. Schulman.
A. Schulman said today that it has been and continue to be disappointed by the Ferro Board's refusal to talk, evidently driven by their stated desire to 'stay independent.'
A. Schulman stated that Ferro has chosen to misrepresent its position, has made unsubstantiated and inaccurate statements about A. Schulman's ability to complete the acquisition, and has not mentioned the overwhelming support from both Ferro and A. Schulman shareholders for consideration of its proposal.
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