With $1.46-bn offer, Minerals Technologies once again outbids Imerys for Amcol

Minerals Technologies (MTI), previously a Pfizer subsidiary, yesterday raised its offer for the second time for US minerals and materials group Amcol International Corp to $45 per share, topping a rival $42.75 per share bid from Paris-based Imerys.

MTI's sweetened $45 per share or $1.46 billion offer comes just a few days after Paris-based Imerys raised its bid for Amcol to $42.75 per share.

Amcol had earlier agreed to be acquired by Imerys for $41-per share, till MTI entered the fray with a $42-per share bid. Amcol responded by raising it to $42.50 per share. (See: Minerals Technologies raises offer to $42.50 per share for Amcol)

"The merits of strategic fit, a substantial portfolio of future growth opportunities, and significant readily available synergies present a compelling opportunity for our shareholders, and, at the same time, our offer delivers the greatest value available to Amcol's shareholders," said Joseph Muscari, chairman and CEO of MTI.

Imerys, the French producer and processer of industrial minerals, is seeking a merger with Amcol in order to enhance its portfolio of mineral-based specialty solutions into the North American market.

With revenue over $1 billion in 2013, Illinois-based Amcol is a global specialty minerals and materials company operating in 26 countries with a strong presence in the US.

The company has a global leadership position in bentonite, a mineral with a unique scope of properties applicable to a diverse set of growing commercial applications ranging from metalcasting to construction and drilling, as well as a number of consumer products.

Amcol also serves the expanding oil and gas market through its Energy Services business.

MTI wants to combine its global leadership in precipitated calcium carbonate with Amcol's global leadership in bentonite, creating a stronger global minerals supplier.

MTI is a resource-and technology-based company that develops and produces performance-enhancing minerals, mineral-based and synthetic mineral products for the paper, steel, polymer and other manufacturing industries on a worldwide basis.

The New York-based company recorded sales of $1.02 billion in 2013.