07/10/2013

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A.Schulman drops bid for Ferro

A.Schulman first contacted Ferro in November 2012 and expressed its interest in Ferro in a letter on February 13, but was rebuffed. A formal offer in March was also rejected. A. Schulman said the acquisition would help cut costs and widen its customer pool. reuters cites A. Schulman Chief Executive Joe Gingo: "We have given Ferro's board ample time to come back to us to initiate a discussion…At this time, this has not happened, so we have decided to look elsewhere for acquisition opportunities." (Source: reuters.com)

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