REFILE-Minerals Technologies raises bid for Amcol

Mon Feb 24, 2014 5:49pm EST

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Feb 24 (Reuters) - Minerals Technologies Inc raised its offer to buy Amcol International Corp to about $1.38 billion.

The offer of $42.50 per share represents a 7 percent discount to Amcol's Monday close.

U.S.-based Minerals Technologies and France's Imerys are both bidding for Amcol, a company that owns large reserves of bentonite, a key mineral used in construction and energy industries.

Minerals Technologies had offered to buy Amcol for $42 per share on Feb. 14, topping an offer of $41 per share from Imerys. Three days later Imerys said it remained committed to acquire Amcol for $41 per share.