A. Schulman Granted Early Termination of Hart-Scott-Rodino Waiting Period in Connection With Proposed Acquisition of ICO, Inc.
January 18 2010 - 8:49AM
PR Newswire (US)
AKRON, Ohio, Jan. 18 /PRNewswire-FirstCall/ -- A. Schulman, Inc.
(Nasdaq-GS: SHLM) announced today that the Federal Trade Commission
has granted early termination of the waiting period under the
Hart-Scott-Rodino Antitrust Improvements Act of 1976 for its
previously announced agreement to acquire ICO, Inc. (NASDAQ:ICOC).
Completion of the proposed acquisition remains subject to ICO
shareholder approval and other customary closing conditions. The
parties continue to expect the transaction to close in the spring
of 2010. About A. Schulman, Inc. Headquartered in Akron, Ohio, A.
Schulman is a leading international supplier of high-performance
plastic compounds and resins. These materials are used in a variety
of consumer, industrial, automotive and packaging applications. The
Company employs about 2,100 people and has 16 manufacturing
facilities in North America, Europe and Asia. Revenues for the
fiscal year ended August 31, 2009, were $1.3 billion. Additional
information about A. Schulman can be found at
http://www.aschulman.com/. About ICO, Inc. With 20 locations in
nine countries, ICO produces custom polymer powders for rotational
molding and other polymer related businesses, such as the textile,
metal coating and masterbatch markets. ICO remains an industry
leader in size reduction, compounding and other tolling services
for plastic and non-plastic materials. ICO's Bayshore Industrial
subsidiary produces specialty compounds, concentrates and additives
primarily for the plastic film industry. Additional information
about ICO, Inc. can be found on the Company's website at
http://www.icopolymers.com/. "Safe Harbor" Statement under the
Private Securities Litigation Reform Act of 1995 A number of the
matters discussed in this release that are not historical or
current facts deal with potential future circumstances and
developments, in particular, information regarding expected
synergies resulting from the merger of A. Schulman and ICO,
combined operating and financial data, the combined company's
plans, objectives, expectations and intentions and whether and when
the transactions contemplated by the merger agreement will be
consummated. The discussion of such matters is qualified by the
inherent risks and uncertainties surrounding future expectations
generally, and also may materially differ from actual future
experience involving any one or more of such matters. Such risks
and uncertainties include: the risk that the businesses will not be
integrated successfully; the risk that the cost savings and any
other synergies from the transaction may not be fully realized or
may take longer to realize than expected; restrictions imposed by
outstanding indebtedness; fluctuations in the prices of sources of
energy or resins and other raw materials; worldwide and regional
economic, business, and political conditions, including continuing
economic uncertainties in some or all major product markets;
changes in customer demand and requirements; business cycles and
other industry conditions; the timing of new services or
facilities; ability to compete; effects of compliance with laws;
fluctuations in the value of currencies in major areas where
operations are located, including the U.S. dollar, Euro, U.K. pound
sterling, Canadian dollar, Mexican peso, Chinese yuan, and
Indonesian rupiah; matters relating to operating facilities; effect
and costs of claims (known or unknown) relating to litigation and
environmental remediation; ability to manage global inventory;
ability to develop technology and proprietary know-how; ability to
attract and retain key personnel; escalation in the cost of
providing employee health care; performance of the global
automotive market; disruption from the transaction making it more
difficult to maintain relationships with customers, employees or
suppliers; the failure to obtain governmental approvals of the
transaction on the proposed terms and schedule, and any conditions
imposed on the combined company in connection with consummation of
the merger; the failure to obtain approval of the merger by the
stockholders of ICO and the failure to satisfy various other
conditions to the closing of the merger contemplated by the merger
agreement; and the risks that are described from time to time in A.
Schulman's and ICO's respective reports filed with the SEC,
including A. Schulman's Annual Report on Form 10-K for the year
ended August 31, 2009 and ICO's Annual Report on Form 10-K for the
year ended September 30, 2009, in each case, as such reports may
have been amended. This release speaks only as of its date, and A.
Schulman and ICO each disclaims any duty to update the information
herein. Additional Information and Where to Find It In connection
with the proposed transaction, A. Schulman has filed a Registration
Statement on Form S-4 with the SEC (Reg. No. 333-164085) containing
a preliminary proxy statement/prospectus regarding the proposed
merger. SHAREHOLDERS OF ICO ARE ENCOURAGED TO READ THE REGISTRATION
STATEMENT AND ANY OTHER RELEVANT DOCUMENTS FILED WITH THE SEC,
INCLUDING THE PROXY STATEMENT/ PROSPECTUS THAT IS PART OF THE
REGISTRATION STATEMENT, BECAUSE THEY CONTAIN IMPORTANT INFORMATION
ABOUT THE PROPOSED MERGER. The final proxy statement/prospectus
will be mailed to stockholders of ICO. Investors and security
holders will be able to obtain the documents free of charge at the
SEC's website, http://www.sec.gov/, from A. Schulman, Inc. at its
website, http://www.aschulman.com/, or from ICO, Inc. at its
website, http://www.icopolymers.com/, or 1811 Bering Drive, Suite
200, Houston, Texas, 77057, attention: Corporate Secretary. This
communication shall not constitute an offer to sell or the
solicitation of an offer to buy any securities, nor shall there be
any sale of securities in any jurisdiction in which such offer,
solicitation or sale would be unlawful prior to registration or
qualification under the securities laws of any such jurisdiction.
Participants In Solicitation A. Schulman and ICO and their
respective directors and executive officers, other members of
management and employees and the proposed directors and executive
officers of the combined company, may be deemed to be participants
in the solicitation of proxies in respect of the proposed
transaction. Information concerning the proposed directors and
executive officers of the combined company, A.Schulman's and ICO's
respective directors and executive officers and other participants
in the proxy solicitation, including a description of their
interests, is included in the proxy statement/prospectus contained
in the above-referenced Registration Statement on Form S-4.
DATASOURCE: A. Schulman, Inc. CONTACT: Jennifer K. Beeman, Director
of Corporate Communications & Investor Relations, A. Schulman,
Inc., 3550 W. Market St., Akron, Ohio 44333, +1-330-668-7346, Web
Site: http://www.aschulman.com/
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