The increased binding offer by Minerals Technologies is superior to the bid of $45.25 offered on 4 March 2014 by Paris-based Imerys SA.
The revised offer has been approved unanimously by the Minerals Technologies board. MTI also confirmed that it had removed the financing contingency in the merger agreement conveyed to the Amcol board of directors on 4 March 2014.
JPMorgan has provided MTI with signed commitment papers with respect to financing the purchase price of the transaction.
“The increased offer of $45.75 makes our bid clearly superior,” said Joseph C Muscari, chairman and CEO of Minerals Technologies. “We are highly confident in the merits of this transaction, including the strategic fit, the $50m of specific and readily available synergies and the substantial growth opportunities for our shareholders.”
Source: Minerals Technologies
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