- Ferro Corporation (NYSE: FOE) announced today it has entered into a definitive agreement to be acquired by Prince International. These are the details.
Ferro Corporation (NYSE: FOE), a leading global supplier of technology-based functional coatings and color solutions, announced today it has entered into a definitive agreement to be acquired by Prince International Corporation (a portfolio company of American Securities LLC) in an all-cash transaction valued at approximately $2.1 billion, or 12.4 times TTM Adjusted EBITDA as of March 31, 2021, including the assumption of debt, net of cash.
Under the terms of the deal, which has been unanimously approved by the Ferro Corporation Board of Directors, Prince will acquire all of the outstanding common stock of Ferro for $22 per share in cash. The purchase price represents 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.
These are the first quarter continuing operations (compared to the prior-year first quarter continuing operations):
— Net Sales increased 14.3% to $288.4M
— Net Sales increased 10.2% on a constant currency basis
— Gross Profit increased 17.8% to $95.1M, Gross Profit Margin improved 100 bps to 33.0%
— Adjusted Gross Profit increased 14.7% to $97.3M, Adjusted Gross Profit Margin improved 130 bps to 33.7%
— GAAP diluted EPS increased 15.8% to $0.22
— Adjusted diluted EPS increased 42.3% to $0.37
— Income from continuing operations increased 16.6% to $18.6M
— Adjusted EBITDA increased 41.8% to $57.8M, Adjusted EBITDA Margin improved 390 bps to 20.0%
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