AMCOL International Corp. said its board unanimously approved a
sweetened takeover offer from Imerys worth $42.75 a share, topping
a recent boosted offer from Minerals Technologies Inc.
The latest bid from Imerys for the U.S. bentonite producer
represents an increase of $1.75 a share over the French company's
previous offer.
A Minerals Technologies spokesman wasn't immediately available
to comment.
On Monday, Minerals Technologies boosted its all-cash bid for
AMCOL to $42.50 a share, up 50 cents from its previous offer, which
was made in an attempt to top Imerys's standing deal for the
company.
AMCOL, which posted sales of more than $1 billion in 2013, is
the world's largest producer of bentonite, a mineral used in many
industries, such as car manufacturing and heavy machinery.
Founded in 1927, AMCOL, based in 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.
Write to Tess Stynes at tess.stynes@wsj.com
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