Minerals Technologies Inc. has won the brief takeover struggle for Amcol International Corporation, the parent company to American Colloid Co., which supplies green sand molding materials for the metalcasting. It also supplies bentonite, specialty chromite sands, and resins. And, it offers technical support to foundries, including troubleshooting and customized packages of products, formulations, research, and testing.
"This transaction demonstrates the Amcol board's commitment to maximizing value for our shareholders,” Ryan McKendrick, CEO of Amcol said.
Minerals has two business units: specialty minerals (precipitated calcium carbonate, quicklime, limestone, talc) and refractories (Minteq lining systems.) Amcol is seen as a route to diversifying its portfolio of minerals and raw materials.
In February, Amcol agreed to be acquired by Imerys S.A., a French industrial minerals and materials group that specializes in minerals for heat resistance, mechanical strength, conductivity, coverage, barrier effect, and other industrial processes.
Imerys initially proposed to close the purchase at an estimated $1.6 billion, including debt, whereas Minerals’ offer totaled $1.36 billion.
The two suitors traded counteroffers, but Amcol at last accepted Minterals $1.7 billion bid once Imerys indicated it would not counter. Amcol then notified Imerys it would terminate their initial merger agreement.
"The combination of MTI and AMCOL will create a minerals platform that is well-positioned for growth through geographic expansion and new product innovation," stated Minerals chairman and CEO Joseph C. Muscari.