Chemical maker A. Schulman Inc offered to purchase Ferro Corp for $563 million to increase its pricing power amid weak demand, but the smaller rival rejected the bid saying it was better off continuing its own strategy.Ferro shares jumped 33 percent to $6.90, topping A. Schulman's offer of $6.50 per share, as the bidder said it could adjust its offer if it gets the chance to inspect Ferro's books.The Ferro stock was the biggest percentage gainer in afternoon trading on the New York Stock Exchange on Monday."(Ferro) is obviously hoping that this is the first offer and that either Schulman will either sweeten it, or somebody will come and beat them," said Longbow Research analyst Dmitry Silversteyn.
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 traded higher by 31.54% or $1.64/share to $6.84. 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 12127006.
A. Schulman, Inc. (A. Schulman) is a supplier of plastic compounds, resins and services. Shares of SHLM fell by 0.16% or $-0.05/share to $31.07. 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 68922.
Source
