AMCOL International MTX raises offer ~5% to $45/shr from $42.50/shr
- Minerals Technologies has made an increased cash offer of $45 per share to acquire all outstanding shares of AMCOL International Corporation of Hoffman Estates, Illinois. The revised offer has been approved unanimously by the Minerals Technologies board and is clearly superior to the recently announced $42.75 per share offer made by Paris-based Imerys S.A. for AMCOL.
- Minerals Technologies' superior all-cash $45 per share offer was conveyed today to AMCOL's Board of Directors. JPMorgan has provided signed commitment papers with respect to financing the purchase price of the transaction. Minerals Technologies (MTI) expects the transaction to be immediately accretive to earnings upon closing, excluding acquisition-related costs and charges, even before consideration of significant synergies. The transaction is expected to close in the first half of 2014 and would be subject to customary closing conditions.
- Minerals Technologies has identified a minimum of $50 million in near-term cost synergies, and expects to deliver more over time through the deployment of MTI's Operational Excellence/Lean management approach, speed to market with new products through combined technology platforms, accelerated geographic expansion and synergies in overlapping markets. MTI's lean approach to continuous improvement, which has shaped it into a strong, high-performance, cash-flow generating operating company, will enable the company to quickly and effectively integrate AMCOL and to drive near-term growth in shareholder value.
***Reminder: On Feb 24th, Minerals Technologies increased its offer to acquire AMCOL International by 1% to $42.50 per share in cash from $42. On Feb 12th Imerys to acquire ACO for $41/share in cash or $1.6B.