Minerals Technologies Inc. boosted its all-cash bid for AMCOL
International Corp., making an offer of $42.50 a share for the
minerals and materials producer.
AMCOL shares slipped 5.6% to $42.95 in recent after-hours
trading.
Minerals Technologies made the offer in a letter to AMCOL's
board Monday and said a due-diligence review allowed the company to
raise its offer.
The company also said it has obtained committed debt
financing.
A representative for AMCOL didn't immediately respond to
requests for comment.
Earlier this month, Minerals Technologies made a $42-a-share,
all-cash bid for AMCOL in an effort to top a standing deal for the
company. At that time, the bid was $1 more per share than the deal
AMCOL struck with France's Imerys earlier that week.
Imerys last week said it was still committed to complete the
deal.
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.
Founded in 1927, AMCOL, of Hoffman Estates, Ill., makes products
that are used in a wide variety of items, including face
moisturizers and cat-box filler, and for oil-and-gas drilling.
Meanwhile, New York's Minerals Technologies also mines and sells
minerals, such as precipitated calcium carbonate, which it sells to
the paper industry, and talc.
Talks between Minerals Technologies and AMCOL started last year,
but stalled when AMCOL went into exclusive talks with Imerys,
according to The Wall Street Journal, which cited a person familiar
with the matter.
Through Monday's close, AMCOL shares have risen 53% in the last
12 months.
Write to Anna Prior at anna.prior@wsj.com
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