Minerals Technologies Inc offered to purchase AMCOL International Corp for $1.36 billion, topping a bid from France's Imerys for the company that owns large reserves of a key mineral used in construction and energy industries.Minerals Technologies offered $42 per share for AMCOL, which produces bentonite from its mines in the United States, Australia, China and Turkey, while Imerys offered $41 per share on Wednesday.AMCOL's shares rose 9 percent to $44.98, indicating that some shareholders may be expecting a higher bid.Demand for bentonite, nicknamed "the mineral of a thousand uses," is expected to rise with growing construction activities across the world.
AMCOL International Corporation (AMCOL) is focused on the development and application of minerals and technology products and services to various industrial and consumer markets. Shares of ACO traded higher by 8.46% or $3.5/share to $44.85. In the past year, the shares have traded as low as $27.59 and as high as $41.67. On average, 188761 shares of ACO exchange hands on a given day and today's volume is recorded at 667867.
Minerals Technologies Inc. is a resource- and technology-based company that develops, produces and markets worldwide a broad range of specialty mineral, mineral-based and synthetic mineral products and supporting systems and services. Shares of MTX traded higher by 0.28% or $0.15/share to $53.23. In the past year, the shares have traded as low as $38.24 and as high as $60.75. On average, 168705 shares of MTX exchange hands on a given day and today's volume is recorded at 82818.
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