This Day On The Street
Continue to site right-arrow
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
Stocks Under $10 with 50-100% upside potential - 14 days FREE!

Minerals Technologies Inks $1.7B Merger With Amcol

Stocks in this article: MTX ACO

NEW YORK (The Deal) -- Minerals Technologies (MTX) on Monday sealed a deal to acquire Amcol International (ACO) for $1.74 billion after Imerys failed to return with a sweetened bid for the minerals producer.

New York-based Minerals Technologies on March 6 bid $45.75 per share for Amcol, trumping a $45.25 per share offer submitted March 4 by Imerys. The two suitors have been vying for Amcol since early February.

Hoffman Estates, Ill.-based Amcol last week asked Imerys to match Minerals' $45.75 per share offer. The companies said Monday that Amcol had terminated its merger agreement with Imerys, paying a $39 million termination fee to the Paris-based company.

Amcol is one of the world's largest producers of bentonite and has substantial reserves of the mineral, which is used in the construction of metal parts, sealing products and some consumer products.

Minerals Technologies said the purchase would combine Amcol's bentonite supplies with its precipitated calcium carbonate stockpiles to create a U.S.-based minerals supplier with more than $2 billion in annual sales.

"The combination of MTI and Amcol will create a minerals platform that is well-positioned for growth through geographic expansion and new product innovation," said Minerals technologies chairman and CEO Joseph C. Muscari. "Together, we will be better positioned to take advantage of even more opportunities for innovation and growth in the global minerals industry."

Minerals Technologies said it expects the deal, which will be financed via commitments from JPMorgan Chase & Co., to contribute immediately to earnings, excluding deal costs and charges.

Imerys offered no immediate comment. Company chairman and CEO Gilles Michel on Friday said that the company's bid for Amcol "demonstrated its ability to quickly mobilize resources to pursue an ambitious project for external growth" and said Imerys "is committed to pursuing its strategic plan aimed at developing a consistent and value creating industrial group."

Minerals Technologies listed Lazard as lead financial adviser with assistance from JPMorgan, and Cravath, Swaine & Moore LLP as legal counsel. Amcol is being advised by Goldman, Sachs & Co. and Kirkland & Ellis LLP.

- Paul Whitfield contributed to this report.

Select the service that is right for you!

Action Alerts PLUS
Try it NOW

Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
  • Weekly roundups
TheStreet Quant Ratings
Try it NOW
Only $49.95/yr

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
  • Upgrade/downgrade alerts
Stocks Under $10
Try it NOW

David Peltier, uncovers low dollar stocks with extraordinary upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
  • Weekly roundups
Dividend Stock Advisor
Try it NOW

Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Alerts when market news affect the portfolio
  • Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
Real Money Pro
Try it NOW

All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.

Product Features:
  • Real Money + Doug Kass Plus 15 more Wall Street Pros
  • Intraday commentary & news
  • Ultra-actionable trading ideas
Options Profits
Try it NOW

Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • 100+ monthly options trading ideas
  • Actionable options commentary & news
  • Real-time trading community
  • Options TV
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!


DOW 18,053.71 +23.50 0.13%
S&P 500 2,088.77 +6.89 0.33%
NASDAQ 4,806.8590 +33.3870 0.70%

Brokerage Partners

Rates from

  • Mortgage
  • Credit Cards
  • Auto

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs