Ferro Weighs Asset Sale After Rejecting $855M Bid By Rival

Law360, New York (March 5, 2013, 1:12 PM EST) -- Chemical maker Ferro Corp. sketched out plans to sell underperforming assets in the face of multimillion-dollar losses Tuesday, one day after it rejected a takeover bid worth $855 million from larger rival A. Schulman Inc. and insisted it could pioneer its own course.

The announcement comes the same day Ferro reported $374 million in losses for last year, stoking speculation that A. Schulman could swoop in to take its unsolicited bid directly to shareholders. So far, the suitor has only brought its $6.50 per-share bid to...
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