Amcol says it accepts Imerys bid worth $1.39B
NEW YORK (AP) — French minerals producer Imerys is raising its bid for U.S. minerals and oilfield services company Amcol, and Amcol says it accepted the new offer.
Amcol says it accepted an all-cash bid that values the company at $42.75 per share, or about $1.39 billion. The Hoffman Estates, Ill., the company says the total price is $1.61 billion including its debt.
Earlier this month Imerys SA agreed to pay $41 per share, or $1.33 billion, for Amcol International Corp. Minerals Technologies Inc. then made a bid worth $42 per share and later raised that price to $42.50 per share, or about $1.38 billion. Amcol says its board has decided Mineral Technologies' offer is not superior to the new Imerys offer.
Imerys and Amcol say they expect to close the sale in the first half of 2014.
Amcol shares fell 17 cents to $44.50 on Wednesday. They were up 39 cents to $44.89 following the announcement of the Imerys deal.