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Prince International to buy Ferro Corp in $2.1bn deal

Tue 11 May 2021 12:50 | A A A

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(Sharecast News) - Shares of Ferro Corporation surged in pre-market trade on Tuesday after the paint maker agreed to be bought by Prince International in an all-cash deal valued at around $2.1bn.

Under the terms of the agreement, which has been unanimously approved by Ferro's board of directors, Prince will pay $22.00 per share in cash. The price is a 25.1% premium to the closing share price of Ferro on Monday.

Ferro chairman, president and chief executive Peter Thomas said: "This transaction creates significant value for our shareholders. Ferro has successfully executed a five-phase transformation strategy that has resulted in creating a global leader in functional coatings and colour solutions focused on high-growth markets.

"Our products are used in critical industries such as healthcare, automotive, electronics, aerospace and construction, while being aligned with key global megatrends such as IoT, 5G and sustainability. The steps we have taken to develop a cohesive technology-driven portfolio and enhance our market leadership positions with long-standing, market-leading customers and deliver sustainable growth have made Ferro an attractive investment."

At 1335 BST, Ferro shares were up 23% in pre-market trade at $21.60.

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