AMCOL International Corporation (NYSE: ACO) has given its nod to a revised takeover offering from Imerys valued at $45.25 per share. This amount narrowly topped a rival bid and raised the stakes in the bidding battle over the bentonite producer.
According to the latest news, AMCOL has agreed to approve the agreement for the amended merger with Imerys. According to this deal the latter will be paying $2.50 more for every share than the previously approved amount.
The French company has increased its offer price for the bentonite producer twice in 60 days, facing pressure from a competitive proposal by another company-Minerals Technologies Inc. The competing company had increased its own bid to $45 per share for AMCOL. No comment has been made yet by Mineral Technologies over the latest purchase price offered to AMCOL by Imerys.
AMCOL is the biggest producer of bentonite in the world with sales of more than $1 billion 2013. Bentonite is a mineral used widely in a diverse range of industries like heavy machinery and car manufacturing.
The shares of AMCOL did not see any trading activity in the after-hours. Its stock went northward the previous month when Imerys proposed a takeover offer. It went up by 36 percent by the beginning of March, 2014.
AMCOL had about 32.4 million outstanding shares as on October 31. The company said that the offer by Imerys was independent of any kind of financing condition, and it expects the deal to be closed during the first 6 months of 2014.
Imerys leads the world in mineral centric specialty solutions for a diverse range of industries. It transforms a wide variety of minerals to convey essential functions which are very useful to its customer’s manufacturing process and products.
Imerys’ solutions perform a vital role as functional additives, mineral components, finished products or process enablers. They actively contribute to the quality of a large number of applications in the field of industrial equipment, construction or consumer goods. The company combines creativity, expertise, and is attentive to the requirements of its customers. The international teams of the group constantly identify newer applications and then develop higher value-added solutions. Imerys follows a principled approach towards development.
Imerys specialty minerals found markets in a wide variety of industries, from the capital good industry (aerospace, machine tools), construction, building renovation, and packaging to FMCG (Fast Moving Consumer Goods) in 2013.