March 4 France's Imerys S.A. raised its offer to buy U.S. minerals and materials group Amcol International Corp to about $1.47 billion, topping an offer from Minerals Technologies Inc.
Imerys raised its offer by $2.50 per share to $45.25 per share in cash. Minerals Technologies had raised its offer to $45 per share on Monday.
Amcol said on Tuesday its board accepted the French company's offer, calling it superior to Minerals Technologies' offer.
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.
Amcol shares closed at $46.28 on Tuesday on the New York Stock Exchange after rising to a life-high of $47.09 earlier.
Imerys' offer on Tuesday is worth $1.7 billion, including debt. Amcol had 32.4 million shares outstanding as of Oct. 31.
Amcol said Imerys' offer was not subject to any financing condition and the deal is expected to close in the first half of 2014.