Ferro (FOE) to be acquired by Prince International for $2.1 billion

  

 

 

 

Ferro misses by $0.01, beats on revs 

• Reports Q1 (Mar) earnings of $0.22 per share, $0.01 worse than the S&P Capital IQ Consensus of $0.23; revenues rose 14.3% year/year to $288.4 mln vs the $259.87 mln S&P Capital IQ Consensus.

Paint maker Ferro to be acquired by Prince International Corporation for $22.00/share in $2.1 bln all-cash transaction

Co  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.