By Dow Jones Business News,
February 24, 2014, 08:15:00 PM EDT
Minerals Technologies Inc. boosted its all-cash bid for AMCOL International Corp., making an offer of $42.50 a share
for the minerals and materials producer.
AMCOL shares slipped 5.6% to $42.95 in recent after-hours trading.
Minerals Technologies made the offer in a letter to AMCOL's board Monday and said a due-diligence review allowed the
company to raise its offer.
The company also said it has obtained committed debt financing.
A representative for AMCOL didn't immediately respond to requests for comment.
Earlier this month, Minerals Technologies made a $42-a-share, all-cash bid for AMCOL in an effort to top a standing
deal for the company. At that time, the bid was $1 more per share than the deal AMCOL struck with France's Imerys
earlier that week.
Imerys last week said it was still committed to complete the deal.
Under business law in Delaware, where AMCOL is incorporated, public-company boards that agree to a cash deal are
typically required to take the highest offer.
Founded in 1927, AMCOL, of Hoffman Estates, Ill., makes products that are used in a wide variety of items, including
face moisturizers and cat-box filler, and for oil-and-gas drilling.
Meanwhile, New York'sMinerals Technologies also mines and sells minerals, such as precipitated calcium carbonate,
which it sells to the paper industry, and talc.
Talks between Minerals Technologies and AMCOL started last year, but stalled when AMCOL went into exclusive talks with
Imerys, according to The Wall Street Journal, which cited a person familiar with the matter.
Through Monday's close, AMCOL shares have risen 53% in the last 12 months.
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