Minerals Technologies Inc. has won a bidding war to acquire minerals and oilfield services company Amcol International Corp. for about $1.49 billion, the companies said Monday.
The deal will bring together two industry leaders to create a stronger U.S.-based international mineral supplier, they said.
Minerals Technology agreed to pay $45.75 per share for Hoffman Estates, Ill.-based Amcol. FactSet said Amcol has about 32.5 million shares outstanding.
In turn, Amcol has ended its plans to be acquired by French minerals producer Imerys for $45.25 per share, or $1.47 billion. Amcol said it has paid a $39 million fee for ending the Imerys deal.
Imerys declined to comment Monday.
Imerys and Minerals Technologies have been bidding on Amcol since February. Minerals Technology first bid $42 per share for the company, raising its offer several times as the bidding escalated.
The deal has been approved by boards of Minerals Technology and Amcol and is expected to close in the first half of 2014.
Mineral Technologies said that including debt, the value of the deal is $1.7 billion.
Minerals Technology, based in New York, makes mineral and synthetic mineral products. The companies expect the deal will immediately add to Minerals Technology's earnings after adjusting for acquisition costs and charges.
Shares of Minerals Technology increased $3.77, or 6 percent, to $57.68 in afternoon trading Monday. Amcol shares, which have increased since the bidding began, fell 94 cents, or 2 percent, to $45.72.
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