Deal Struck Between Minerals Technologies And AMCOL
A deal has finally been struck between Minerals Technologies (NYSE: MTX) and AMCOL International (NYSE: ACO). The respective companies have announced that Minerals Technologies will acquire AMCOL for $45.75 per share or $1.7 billion.
The battle between the two companies has been escalating within the past month; it erupted on February 14, when Minerals Technologies took the initiative to make a bid for AMCOL at $42.00 per share. Nine days later, a revised takeover proposal came at $42.50 per share. Since then, the takeover cost has increased by almost five percent and on Monday, both parties agreed at a consensus $45.75 per share.
With this acquisition deal, both companies will join together to create an even larger minerals supplier.
Ryan McKendrick, CEO of AMCOL said, "This transaction demonstrates the AMCOL Board's commitment to maximizing value for our shareholders. We look forward to working with Minerals Technologies to ensure a smooth transition and complete the transaction as expeditiously as possible."
“The combination of MTI and AMCOL will create a minerals platform that is well-positioned for growth through geographic expansion and new product innovation," said Joseph C. Muscari, chairman and chief executive officer of Minerals Technologies. "We will be a leading industrial minerals company with more than $2 billion in sales, strong market positions, and a dedicated team focused on customer needs. We look forward to welcoming AMCOL employees to MTI. Together, we will be better positioned to take advantage of even more opportunities for innovation and growth in the global minerals industry."
Shares of AMCOL are fairly neutral, as shares have been inching up within the past few days. Shares of Minerals Technologies are up about $1.51 per share or three percent.
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