Shareholders of glass coatings and colour solutions provider Ferro have approved its acquisition by an affiliate of Prince International Corporation.

Under the terms of the proposed merger, Ferro shareholders will have the right to receive $22.00 in cash, without interest and less any applicable withholding taxes, for each share of Ferro common stock that they own immediately prior to the effective time.

Upon the terms and subject to the satisfaction or waiver of the conditions set forth in the merger agreement PMHC Fortune Merger Sub, an affiliate of Prince, will merge with and into Ferro, with Ferro continuing as the surviving corporation in the merger and as a direct or indirect wholly owned subsidiary of Prince.

Ferro anticipates the merger to close in first quarter of 2022 pending antitrust and regulatory approvals.