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Mergers & Acquisitions

Elementis spurns third, final offer from MTI

by Melody M. Bomgardner
December 17, 2020 | A version of this story appeared in Volume 98, Issue 48

 

Minerals Technologies Inc. (MTI) says it has abandoned its attempt to acquire the British specialty chemical firm Elementis after its third offer was rejected. MTI first offered $1.41 per share, a 31% premium over Elementis’s Nov. 4 share price. In its third attempt, MTI bid $1.76 per share. Under UK law, MTI had until Dec. 10 to make a formal offer, but it says it would not do so. The firm can make a new offer if a third party attempts to buy Elementis.

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