Chemical Co. Backs Away From $563M Bid To Acquire Rival

Law360, New York (July 2, 2013, 8:27 PM EDT) -- Chemical producer A. Schulman on Tuesday abandoned its bid to acquire its smaller rival Ferro Corp., formally ending a courting process that was dealt its first blowback in March when Ferro rejected A. Schulman's $563 million offer.

After Ferro's rejection, A. Schulman attempted to resuscitate acquisition talks with a potentially higher price tag, but did not receive a substantive response from Ferro, A. Schulman CEO Joe Gingo told investors on a conference call discussing the company's third-quarter figures for fiscal year 2013.

“We have given Ferro's...
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