INDEPENDENCE, Ohio—Officials with Ferro Corp.—the target of a takeover by A. Schulman Inc.—fielded questions from shareholders about the direction of the specialty chemicals and plastics maker at its annual meeting May 22 in Independence.
Shareholders also approved Jeffry Quinn, David Lorber and Ronald Vargo as members of Ferro's board of directors. Quinn and Lorber had been nominated by a group of shareholders who are unhappy with Ferro's recent financial performance.
One shareholder asked how officials would address the possibility of A. Schulman raising its takeover offer for Mayfield Heights, Ohio-based Ferro to $9 or $10 per share. Fairlawn, Ohio-based Schulman had offered $6.50 per share for Ferro in early March. Ferro's per-share stock price was near $7.10 in late trading May 22.
Ferro Chairman William Lawrence—who presided over the meeting—responded by saying Ferro "would consider any additional proposal very carefully and seriously … and will decide if it's in the best interest of shareholders."
Another shareholder asked about Ferro's ability to handle recent controversy. Lawrence countered that the current board "is committed to working constructively with the two new directors ... and I believe they will work constructively with us.'"