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Monday, March 4, 2013

A. Schulman offers to purchase Ferro despite rejection, (NYSE: FOE), (NASDAQ: SHLM)

Chemical maker A. Schulman Inc offered to purchase Ferro Corp for $563 million nearly three weeks after being rebuffed by its rival, which makes products used in computers to mobile devices.Ferro shares jumped 29 percent to $6.74 in early trading on the New York Stock Exchange, topping A. Schulman's offer of $6.50 per share, after the bidder said it could "adjust" its offer if it gets the chance to inspect Ferro's books.A. Schulman's offer of $3.25 in cash and the rest in shares is at a premium of 25 percent to Ferro's Friday close of $5.20.The offer is valued at about of $855 million including debt,

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 2818956.

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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