Chemical maker A. Schulman Inc said it dropped its bid for Ferro Corp, about four months after it had offered $563 million for its smaller rival. A. Schulman shares fell more than 11 percent to $24.63 in morning trade, while Ferro shares fell as much as 12 percent to $6.19."We have given Ferro's board ample time to come back to us to initiate a discussion," A. Schulman Chief Executive Joe Gingo said on a conference call with analysts on Tuesday."At this time, this has not happened, so we have decided to look elsewhere for acquisition opportunities."A. Schulman and Ferro sell products used in industries such as electronics and construction.
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 fell by 10.13% or $-0.71/share to $6.30. In the past year, the shares have traded as low as $2.38 and as high as $7.26. On average, 662648 shares of FOE exchange hands on a given day and today's volume is recorded at 4116229.
A. Schulman, Inc. (A. Schulman) is a supplier of plastic compounds, resins and services. Shares of SHLM fell by 6.18% or $-1.72/share to $26.11. In the past year, the shares have traded as low as $17.90 and as high as $33.40. On average, 195564 shares of SHLM exchange hands on a given day and today's volume is recorded at 184877.
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