Chemical maker A. Schulman Inc offered to purchase 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.
Ferro Corporation (Ferro) is a producer of specialty materials and chemicals that are sold to a range of manufacturers who, in turn, make products for many end-use markets. Shares of FOE remained unchanged at $5.20. In the past year, the shares have traded as low as $2.38 and as high as $6.39. On average, 1694580 shares of FOE exchange hands on a given day and today's volume is recorded at 78492.
A. Schulman, Inc. (A. Schulman) is a supplier of plastic compounds, resins and services. Shares of SHLM remained unchanged at $31.12. In the past year, the shares have traded as low as $17.75 and as high as $33.40. On average, 153267 shares of SHLM exchange hands on a given day and today's volume is recorded at 0.
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