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Imerys ups Amcol bid to $45.25 a share, or $1.47B

Imerys raises Amcol bid to $45.25 per share, or $1.47B, as contest with Minerals Tech goes on

Associated Press

NEW YORK (AP) -- Minerals and oilfield services company Amcol says it has received a new bid from French minerals producer Imerys that values it at $45.25 per share, or $1.47 billion.

Amcol said its board approved the offer and values the deal at $1.7 billion including its debt. Imerys and U.S.-based Minerals Technologies have been bidding on Amcol since February, and Minerals Technologies raised its offer to $45 per share, or $1.46 billion, on Monday. Amcol has said Imerys' bids are superior to the ones from Minerals Technologies.

Minerals Technologies Inc. makes mineral and synthetic mineral products

Shares of Amcol International Corp. fell 7 cents Tuesday, closing at $46.28. That suggests investors believe more bids are coming.