Minerals Technologies Inc. boosted its bid for AMCOL
International Corp. to $45 a share, topping a recently sweetened
bid from Imerys and raising the stakes in a bidding war over the
U.S. bentonite producer.
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.
AMCOL shares rose in trading Monday, closing at $46.35 in a sign
investors expect the bidding war to continue.
AMCOL confirmed it received Minerals Technologies' revised
proposal and said that its board has determined that the bid could
lead to a superior proposal, but continues to recommend the
transaction with Imerys to its stockholders at this time.
Imerys couldn't immediately be reached to comment.
Minerals Technologies claimed its revised proposal represents a
superior offer to Imerys's recently sweetened takeover bid on
Wednesday of $42.75 a share. The latest bid from Minerals
Technologies also represents an increase of $2.50 a share from its
own boosted offer of $42.50 a week ago.
Minerals Technologies Chairman and Chief Executive Joseph C.
Muscari said Monday that "the merits of strategic fit, a
substantial portfolio of future growth opportunities, and
significant readily available synergies present a compelling
opportunity for our shareholders, and, at the same time, our offer
delivers the greatest value available to AMCOL's shareholders."
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.
Anna Prior contributed to this article.
Write to Tess Stynes at tess.stynes@wsj.com
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