Ferro to be acquired by Prince International in $2.1B deal

• Ferro Corporation (NYSE:FOE) +24% premarket in response to be acquired by Prince International Corporation, a portfolio company of American Securities LLC, in an all-cash transaction deal of ~$2.1B.
• As per the agreement, Prince will acquire all of the outstanding common stock of Ferro for $22.00 per share in cash, representing 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.
• The company has cancelled its Q1 earnings call today, as a result of the pending transaction.
• Recall: Ferro EPS beats by $0.01, beats on revenue (May 10)