U.S. minerals and materials group, AMCOL International, has given Paris-based Imerys four working days to match a rival bid by Minerals Technologies, which AMCOL's board has deemed superior. Minerals Technologies raised its offer to $45.75, valuing AMCOL at $1.48 billion, on Thursday morning. This was 50 cents higher than Imerys' bid on Tuesday."If the revised (Minerals') proposal continues to constitute a superior proposal after the expiration of the waiting period, the company expects to terminate the Imerys agreement and enter into a binding definitive agreement with MTI," AMCOL said in a statement.Minerals Technologies and Imerys are both bidding for Amcol, which has large reserves of bentonite - a key mineral used in the construction and energy industries.AMCOL said it continues to favour a deal with Imerys.
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 0.04% or $0.02/share to $46.75. In the past year, the shares have traded as low as $27.59 and as high as $47.26. On average, 313417 shares of ACO exchange hands on a given day and today's volume is recorded at 457915.
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 fell by 0.92% or $-0.5/share to $54.05. In the past year, the shares have traded as low as $38.24 and as high as $60.75. On average, 174605 shares of MTX exchange hands on a given day and today's volume is recorded at 193703.
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