Ferro: Highly Probable Buyout Should Result In 35-65% Near-Term Upside And Limited Downside
The Simplistic Investor
The Simplistic Investor
Ferro Has The Balance Sheet To Rapidly March Forward
Wed, Jul. 27, 4:35 PM
Mon, Jul. 18, 2:01 PM
Mon, Jul. 18, 12:46 PM
Fri, Jul. 15, 5:38 PM
Fri, Jul. 15, 4:30 PM
- Ferro (NYSE:FOE) -10.3% AH following a Reuters report that it turned down takeover offers from P-E firms Apollo Global Management (NYSE:APO) and CVC Capital Partners as too low.
- FOE's board reportedly met this week and rejected the offers, which were below the company's current trading price of ~$14/share.
- FOE may explore other alternatives if the P-E firms fail to improve their offers, and may consider making an acquisition itself, according to the report.
Wed, Jul. 6, 2:10 PM
- Ferro (FOE +3.7%) pops higher following a Bloomberg report that it is drawing final-round interest from P-E firms Apollo Global Management, CVC Capital Partners and Rhone Capital, with final bids due this month.
- FOE said in May that it hired Lazard to explore strategic alternatives for the company, following an unsolicited approach from Apollo in March.
- Shares jumped more than 8% at the initial report before settling back a bit.
Tue, Jun. 28, 3:13 PM
- Ferro (FOE +7.8%) moves sharply higher after Dealreporter says P-E firms are continuing to pursue a purchase of the specialty chemicals company despite the U.K.'s vote to leave the EU.
- CVC Capital, partnered with Court Square Capital, has been competing with Apollo Global Management to buy Ferro, according to earlier reports.
- Ferro said on May 9 that it was exploring possible strategic alternatives to enhance shareholder value and had retained Lazard Freres as its financial advisor.
Fri, May 6, 12:30 PM
- Specialty chemicals company Ferro (FOE +7.7%) has hired investment bank Lazard to explore a possible sale of the company, Reuters reports.
- An auction for FOE is in the second round of bidding, and has attracted interest from other companies and P-E firms, according to the report.
- FOE reportedly rebuffed a takeover approach from Apollo Global Management in March, and activist investor FrontFour Capital has called for the maker of glass-based coatings, pigments and polishing materials to pursue strategic alternatives.
- Now read Ferro: Large upside potential
Tue, Mar. 15, 10:31 AM
- Ferro (FOE +7.2%) spikes after a Bloomberg report that it recently received a takeover approach from Apollo Global Management (APO -1.3%).
- FOE rebuffed the initial approach, but it is not clear whether the maker of chemicals for the manufacturing industry plans to engage in negotiations or if APO plans to return with a fresh proposal, according to the report.
- Activist investor FrontFour Capital yesterday released a letter calling for FOE to pursue strategic alternatives, including a potential sale of the business.
Jul. 30, 2015, 9:12 AM
- Gainers: UNXL +33%. UNIS +22%. MEET +18%. GEVO +17%. SHOP +15%. OTEX +15%. WWE +15%. SGYP +13%. SKX +12%. MWW +9%. HBP +8%. HOLX +8%. WDC +8%. APD +6%.
- Losers: PRSN -35%. LNCO -21%. LINE -19%. FMI -18%. SSYS -18%. ITG -14%. FOE -13%. WFM -12%. QRVO -12%. OSK -11%. LOCK -11%. DDD -9%. MNKD -7%. NCR -6%. GNCA -6%. FMS -5%. MPC -5%. CROX -5%.
Apr. 29, 2015, 6:48 PM
- Ferro (NYSE:FOE) +7.9% AH after reporting Q1 earnings that beat expectations, issuing upside guidance, and agreeing to acquire a Spanish-based producer of specialty pigments.
- FOE cites improved profitability in its performance colors and its pigments, powders and oxides segments; says value-added sales increased 7% Y/Y on a constant currency basis, but foreign currency translation hurt sales by $31M.
- The company now sees FY 2015 EPS of $0.89-$0.96 vs. prior guidance of $0.85-$0.90 and $0.89 analyst consensus estimate.
- FOE expects its €146M purchase of inorganic pigments manufacturer Nubiola will be accretive to its adjusted EPS by $0.04-$0.06 in 2015 and by more than $0.15 in 2016.
Jul. 30, 2014, 4:50 PM
- Ferro (NYSE:FOE): Q2 EPS of $0.19 beats by $0.04.
- Revenue of $294M (-7.8% Y/Y) misses by $49.31M.
- Shares +6.9%.
Oct. 24, 2013, 3:27 PM
- Ferro (FOE +17%) shares power higher after the specialty chemicals producer reported better than expected Q3 earnings and revenues and issued upward guidance for the full year (earnings call).
- Deutsche Bank raises its price target to $12 from $8, citing FOE's cost saving initiatives and value creation strategy gaining traction faster than expected; while Q4 upside will be limited, FOE should recapture business when its eco-friendly plasticizers production facility starts up in H2 2014 (Briefing.com).
Oct. 24, 2013, 12:45 PM
Oct. 23, 2013, 4:39 PM
- Ferro (FOE): Q3 EPS of $0.14 beats by $0.04.
- Revenue of $408.1M. Shares -1.9% AH. (PR)
Jul. 2, 2013, 11:34 AM
Ferro Corp. produces and supplies technology-based performance materials for a broad range of manufacturers in diversified industries throughout the world. Its products are classified as performance materials and performance chemicals. The performance materials includes, frits, porcelain and... More
Sector: Basic Materials
Industry: Specialty Chemicals
Country: United States
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