Benzinga | May 11, 2021 07:51AM EDT

Ferro Corporation Says To Be Acquired By Price International Corporation For $22/Share In $2.1B All-Cash Transaction

Ferro Corporation (NYSE:FOE) (the Company), a leading global supplier of technology-based functional coatings and color solutions, today announced it has entered into a definitive agreement to be acquired by Prince International Corporation, a portfolio company of American Securities LLC, in an all-cash transaction valued at approximately $2.1 billion, or 12.4 times TTM Adjusted EBITDA as of March 31, 2021, including the assumption of debt, net of cash. Under the terms of the agreement, which has been unanimously approved by the Ferro Corporation Board of Directors, Prince will acquire all of the outstanding common stock of Ferro for $22.00 per share in cash. The purchase price represents a 25.1% premium to the closing stock price on May 10, 2021 of $17.58 per share and a 33.8% premium to the 90-day volume-weighted average price.