SPY414.92-5.67 -1.35%
DIA332.96-5.20 -1.54%
IXIC14,030.38-130.97 -0.92%

Ferro to Be Acquired by Prince International for $2.1 Billion; Shares Jump Pre-Bell

05/11/2021 04:22

08:15 AM EDT, 05/11/2021 (MT Newswires) -- Ferro Corporation (FOE) said Tuesday it has agreed to be acquired by specialty chemicals manufacturer Prince International in an all-cash transaction worth approximately $2.1 billion. Prince International is a portfolio company of private equity firm American Securities LLC.

Under the terms of the deal, Prince will acquire all of Ferro's outstanding common stock for $22 per share in cash, which represents a 25.1% premium to the stock's May 10 closing price.

Ferro shares rose 23% in premarket trading.

Price: 21.70, Change: +4.09, Percent Change: +23.23