AKRON—A. Schulman Inc., which is trying to acquire Ferro Corp., has signed on Moelis & Co. as its financial adviser in the effort.
A. Schulman proposed buying the firm's common stock for $6.50 a share—$3.25 for each Ferro share, plus A. Schulman common stock worth $3.25 each—but Ferro's directors rejected the offer. Since then A. Schulman has been talking with Ferro shareholders, and A. Schulman claims they overwhelmingly want the Ferro board to discuss the offer with A. Schulman.
"We are pleased to have Moelis & Co. on board to assist us in our continued pursuit of this compelling business combination," said Joseph M. Gingo, chairman, president and CEO of A. Schulman.
Squire Sanders (U.S.) L.L.P. will serve as legal adviser for the Akron-based company, A. Schulman said.