Amcol accepts Imerys' $1.39 bln buyout offer

Wed Feb 26, 2014 5:31pm EST

Feb 26 (Reuters) - Amcol International Corp, a U.S. minerals and materials group, agreed to French peer Imerys S.A.'s sweetened takeover offer of about $1.39 billion that topped a rival bid by Minerals Technologies Inc.

Amcol said the French company offered $42.75 per share, topping Minerals Technologies's offer of $42.50 per share.

Amcol shares closed at $44.50 Wednesday on the New York Stock Exchange.

Minerals Technologies and 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 on Monday had raised its offer to about $1.38 billion.

Including debt, the deal is valued at about $1.61 billion, said Amcol, which had 32.4 million shares outstanding as of Oct. 31.

The deal is not subject to any financing condition and is expected to close in the first half of 2014, Amcol said.

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