(RTTNews) – Minerals Technologies Inc. (MTX) announced Wednesday that it has made a second approach regarding an increased all-cash possible offer to acquire Elementis plc (ELM.L). Meanwhile, the Board of the speciality chemicals and personal care business rejected the revised proposal. Elementis shares were gaining around 6 percent in the early morning trading in London.
In a statement, Minerals said its increased proposal comprised an all-cash offer of 117 pence per Elementis share, representing an increase of 9 percent on Minerals Technologies’ initial proposal of 107 pence per share.
The increased proposal represents a premium of approximately 43 percent to Elementis’ closing share price on November 4, the date immediately prior to Minerals Technologies’ initial approach; and 61 percent to Elementis’ 90 trading-day volume weighted average share price up to November 4.
Minerals added that the Board of Elementis has, to date, declined to enter into discussions. The company is announcing the details of the increased proposal made to the Elementis Board so that Elementis’ shareholders have access to this information.
Minerals said it is currently considering its position. There can be no certainty that any firm offer will be made. However, any firm offer would be likely to be solely in cash.
In London, Elementis shares were trading at 114.90 pence, up 5.51 percent.