Elementis rejects offer from Innospec

Elementis has rejected a takeover offer, valued at $1.3 billion, from the US specialty chemical maker Innospec. In an announcement, Elementis management says the offer “significantly undervalued” the company. Innospec says it is no longer considering a transaction. Elementis, which makes specialty chemicals from minerals, was the subject of multiple takeover offers from Minerals Technologies late last year. “The ongoing takeover interest in Elementis implies that its shares have been cheap,” Jaroslaw Pominkiewicz, a Jefferies stock analyst, says in a report.