March 6 U.S. minerals and materials group, AMCOL
International, has given Paris-based Imerys
four working days to match a rival bid by Minerals Technologies,
which AMCOL's board has deemed superior.
Minerals Technologies raised its offer to $45.75,
valuing AMCOL at $1.48 billion, on Thursday morning. This was 50
cents higher than Imerys' bid on Tuesday.
"If the revised (Minerals') proposal continues to constitute
a superior proposal after the expiration of the waiting period,
the company expects to terminate the Imerys agreement and enter
into a binding definitive agreement with MTI," AMCOL said in a
Minerals Technologies and Imerys are both bidding for Amcol,
which has large reserves of bentonite - a key mineral used in
the construction and energy industries.
AMCOL said it continues to favour a deal with Imerys.
Minerals Technologies has hiked its offer twice this week,
first to $45 and now $45.75, after AMCOL accepted Imerys'
sweetened takeover offer for $42.75 per share last week.