Why Ferro Stock Is Soaring Today
Shares of Ferro (NYSE: FOE) were trading more than 22% higher as of 10:45 a.m. EDT on Tuesday. Driving that rally was news that the technology-based coatings and color solutions company had accepted an acquisition proposal.
Ferro has accepted a buyout offer of $22 per share from Prince International, a portfolio company of the private equity firm American Securities. The all-cash deal values Ferro at $2.1 billion, including the assumption of debt. That's 12.4 times its trailing 12-month adjusted EBITDA. The per-share purchase price represented a 25.1% premium to its closing price Monday and was 33.8% above its 90-day volume-weighed average price.
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Source Fool.com
