Minerals Technologies Inc. (MTX) raised its unsolicited bid for U.S. clay-products maker Amcol International Corp. for the third time in 11 days, offering $1.49 billion to trump an agreed takeover by France’s Imerys SA. (NK)
Minerals Technologies is offering $45.75 a share, the New York-based company said today in a statement, up from a previous proposal of $45. It also said it removed a financing contingency from an earlier merger agreement sent to Amcol’s board.
Imerys last month agreed to buy Hoffman Estates, Illinois-based Amcol for $41 a share. After Mineral Technologies made an initial counteroffer, the French company raised its bid twice, most recently to $45.25 on March 3. Amcol rose 1 percent to $46.73 in New York yesterday, implying that investors expect a higher bid.
Amcol supplies bentonite clay, used in metal casting, construction, drilling and landfill liners. Minerals Technologies says Amcol would complement its environmental, energy and consumer products and will allow the combined company to cut $50 million of costs.
JPMorgan Chase & Co. has agreed to finance the bid from Minerals Technologies, which is being advised by Lazard Ltd. and Cravath, Swaine & Moore LLP. Amcol’s advisers are Goldman Sachs Group Inc. and Kirkland & Ellis LLP.
The $1.49 billion cash value of the offer is based on 32.5 million shares outstanding as of Feb. 13.
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