February 24, 2014 / 10:36 PM / 6 years ago

Minerals Technologies raises bid for Amcol

(Reuters) - Minerals Technologies Inc (MTX.N) raised its offer to buy Amcol International Corp ACO.N 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 (IMTP.PA) 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 February 14, topping an offer of $41 per share from Imerys. Three days later Imerys said it remained committed to Amcol $41 per share.

Reporting by Swetha Gopinath in Bangalore; Editing by Saumyadeb Chakrabarty

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