AMCOL Confirms Receipt Of Sweetened Offer From Minerals Technologies

(RTTNews) - AMCOL International Corp. (ACO) confirmed Monday that it has received a revised, unsolicited proposal from Minerals Technologies Inc. (MTX) to acquire all of the outstanding shares of AMCOL at a price per share of $45.00 in cash.

Minerals Technologies had previously offered to buy AMCOL for $42.50 per share in cash.

The revised Minerals Technologies proposal is dependent on the receipt of sufficient financing for the deal pursuant to Minerals Technologies' commitment letter with its lenders and proposes the payment by Minerals Technologies of a reverse break-up fee to AMCOL if such financing is not obtained.

On February 26, AMCOL said it has entered into an amended merger agreement with Imerys S.A. pursuant to which AMCOL shareholders would receive $42.75 per share in cash for each share of AMCOL common stock that they own.

AMCOL said Monday that its Board of Directors has determined that the revised Minerals Technologies proposal could reasonably be expected to lead to a "Superior Proposal" as defined in the Imerys agreement.

However, the AMCOL board continues to recommend the deal with Imerys to its stockholders and is not withdrawing its recommendation, or proposing to do so, at this time.