Ferro's Board rejected the offer and expressed their belief that the company should remain independent. A.Schulman said its proposed offer price of USD 6.50 per share includes an immediate cash payment of USD 3.25 for each Ferro share outstanding and USD 3.25 worth of A. Schulman common stock. When cost savings and synergies are fully implemented, A. Schulman estimates annual savings of USD 35 million over and above the previously announced Ferro targets.Ferro reported sales of approximately USD 1.2 billion through the first nine months of its fiscal year ended 31 December 2012.A.Schulman said it first contacted Ferro in November 2012."A. Schulman and Ferro are both recognized leaders in specialty chemicals with value-added product lines, similar business models, complementary competencies, markets and applications," said Joseph M. Gingo, Chairman, President and CEO of A. Schulman. "We believe our combination will deliver superior value to our respective shareholders and offer better value to customers, and we would welcome the opportunity to engage in a mutually beneficial dialogue with Ferro's Board and management." Gingo added, "A. Schulman has demonstrated a proven ability to execute reorganization, growth and acquisitions. Ferro's business units align with A. Schulman's core competencies with the exception of Pharmaceuticals, which is not strategic to us. We see substantial synergies and both geographic and market growth opportunities resulting from this compelling combination, which we would hope to be a consensual transaction."Gingo estimated that the acquisition of Ferro would provide annual synergies of USD 35 million - including consolidation of corporate offices, integration of the plastics business, pricing and sourcing efficiencies, cross selling and value selling - in addition to Ferro's previously announced projected savings of USD 50 million."In addition to the near-term synergies and potential restructuring efficiencies, the long-term benefits to A. Schulman and Ferro shareholders include substantially enhanced returns on invested capital and further growth in higher-margin business segments and global markets. We expect the proposed transaction to be accretive in the first year following the acquisition. Accordingly, we request the Ferro Board reconsider their expressed position to remain independent. We also encourage Ferro shareholders to communicate with their Board, and ask them to re-examine their decision regarding our offer. We believe that our offer will bring attractive and timely value creation to both Ferro and A. Schulman shareholders," stated Gingo.Ferro's Advanced Polymers Alloys Business offers TPE compounds products such as Alcryn, DuraGrip, and Duracryn.