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March 6, 2014
08:36 EDTACO, MTXMinerals Technologies raises bid to acquire AMCOL to $45.75 per share
Minerals Technologies (MTX) announced that it has made an increased binding cash offer of $45.75 per share to acquire all outstanding shares of AMCOL International (ACO) of Hoffman Estates, Illinois. The increased binding offer by Minerals Technologies is superior to the bid of $45.25 offered on March 4, by Paris-based Imerys S.A. MTI's increased offer again provides the greatest value available to AMCOL's shareholders. The revised offer has been approved unanimously by the Minerals Technologies board. MTI also confirmed that it had removed the financing contingency in the merger agreement conveyed to the AMCOL board on March 4. MTI expects the transaction to be immediately accretive to earnings upon closing, excluding acquisition-related costs and charges, even before consideration of synergies. The transaction is expected to close in the first half of 2014.
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