Elementis Rejects Second Minerals Bid
It took just two hours for the board of UK specialty chemical company Elementis to reject a second takeover bid from Minerals Technologies.
The US specialty minerals firm made a second approach on Nov. 24, raising its all-cash offer to 117 pence per share, up 9% on its initial proposal of 107 pence.
So far, Elementis has declined to enter into discussions with Minerals Technologies, which said it “hopes to engage with the Elementis board with the goal of proceeding to a recommended transaction that is highly attractive to Elementis’ shareholders.”
The New York City-based company is now considering its position, with no certainty that it will make another offer, although any future offer is likely to be solely in cash, it said.
According to UK law, Minerals Technologies has until Dec. 10 to announce whether or not it intends to make a formal offer for Elementis.
Author: Elaine Burridge, Freelance Journalist
