Ferro to Merge with Prince International Affiliate
Ferro Corporation, a supplier of technology-based functional coatings and color solutions, announced it will be acquired by an affiliate of Prince International Corporation, PMHC Fortune Merger Sub, Inc.
Under the terms of the proposed merger, Ferro shareholders will have the right to receive $22.00 in cash, without interest and less any applicable withholding taxes, for each share of Ferro common stock that they own prior to the effective time. Upon the terms and subject to the satisfaction or waiver of the conditions set forth in the merger agreement and in accordance with the Ohio General Corporation Law, at the effective time of the merger, PMHC Fortune Merger Sub, Inc., an affiliate of Prince, will merge with Ferro, and Ferro will continue as the surviving corporation in the merger and as a wholly owned subsidiary of Prince.
Ferro says it anticipates that the closing of the merger will occur in the first quarter of 2022 pending antitrust and regulatory approvals, and satisfaction of other customary closing conditions.