AMCOL International Corp. has approved an amended takeover offer
from Imerys worth $45.25 per share, narrowly topping a rival bid
and again raising the stakes in a bidding war over the U.S.
bentonite producer.
In the latest twist, AMCOL agreed to approve an amended merger
agreement with Imerys, which is now paying $2.50 per share more
than what was approved late last month.
The French company has now raised the offer price for AMCOL
twice in less than a month, as it faces pressure from a competing
proposal by Minerals Technologies Inc. On Monday, Minerals
Technologies boosted its own bid for AMCOL to $45 a share.
A representative at Minerals Technologies wasn't immediately
able to comment on Imerys' latest purchase price.
AMCOL, which posted sales of more than $1 billion in 2013, is
the world's largest producer of bentonite, a mineral used in many
industries such as car manufacturing and heavy machinery.
AMCOL's shares weren't active in after-hours trading. The stock
jumped last month when a takeover offer by Imerys was unveiled, and
is up 36% in 2014 as of Tuesday's close.
Write to John Kell at john.kell@wsj.com
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