Amcol International (ACO) has told Paris-based Imerys (IMYSF) that it has four working days to match Minerals Technologies' (MTX) increased rival offer of $1.48B, which Amcol's board has said is superior to that of Imerys.
Minerals' proposal is worth $45.75 a share, 50 cents above Imerys' latest bid on Tuesday, although Amcol didn't change its recommendation in favor of a deal with the French company.
One of the attractions of Amcol is that it has large reserves of bentonite, an important material for the construction and energy sectors. (PR)
AMCOL International (ACO) -5.6% AH after Minerals Technologies (MTX) increases its bid for the minerals and materials producer to $42.50 - a 7% discount to ACO's closing price today - and says it has obtained committed debt financing.
Earlier this month, MTX made a $42/share all-cash bid for ACO in an effort to top a standing deal with France's Imerys (IMYSF), which said last week it won't raise its offer of $41/share.
Minerals Technologies (MTX) makes a $42/share cash offer for AMCOL International (ACO), WSJ reports, in an attempt to top a standing deal from Imerys (IMYSF), which said yesterday it had agreed to buy AMCOL for $41/share.
Under business law in Delaware, where AMCOL is incorporated, public company boards that agree to a cash deal are typically required to take the highest offer, according to the report.