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Paint maker Ferro to be acquired by Prince International in $2.1 billion all-cash deal

Economy, Finance

Ferro Corp. shares soared 22% in premarket trade Tuesday, after the paint maker said it has agreed to be acquired by Prince International Corp. for $2.1 billion in cash. Under the terms of the deal, Prince, a unit of American Securities LLC, will pay $22 per Ferro share, equal to a 25.1% premium over the stock’s closing price on Monday and a 33.8% premium over its 90-day volume-weighted average price. Ferro said it had sales of $288.4 million in the first quarter, up 14% from the year-earlier period. Shares have gained 20% in the year through Monday, while the S&P 500 has gained 11.5%.

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