Ferro Corporation, a leading global supplier of technology-based functional coatings and colour solutions, announced that its shareholders voted overwhelmingly to approve its acquisition by an affiliate of Prince International Corporation at a special meeting of Ferro shareholders held today.
Under the terms of the proposed merger, Ferro shareholders will have the right to receive 22.00 USD in cash, without interest and less any applicable withholding taxes, for each share of Ferro common stock that they own immediately 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 and into Ferro, with Ferro continuing as the surviving corporation in the merger and as a direct or indirect wholly owned subsidiary of Prince.
Ferro continues to anticipate 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.