Ferro Corp. shares
FOE,
+22.72%
soared 22% in premarket trade Tuesday, after the paint maker said it has agreed to be acquired by Prince International Corp. for $2.1 billion in cash. Under the terms of the deal, Prince, a unit of American Securities LLC, will pay $22 per Ferro share, equal to a 25.1% premium over the stock's closing price on Monday and a 33.8% premium over its 90-day volume-weighted average price. Ferro said it had sales of $288.4 million in the first quarter, up 14% from the year-earlier period. Shares have gained 20% in the year through Monday, while the S&P 500
SPX,
-0.99%
has gained 11.5%.