Specialty chemicals company Ferro Corp turned down acquisition offers from private equity firms Apollo Global Management LLC and CVC Capital Partners Ltd as too low, people familiar with the matter said on Friday.
Ferro’s board met this week and rejected the offers, which were below the company’s current trading price of around $14 a share, the people said.
Ferro may explore other alternatives if the buyout firms do not improve their offers, including looking at an acquisition itself, the people added.
The sources asked not to be identified because the matter is confidential. Ferro and CVC did not immediately respond to requests for comment, while Apollo declined to comment.