NEW YORK (AP) -- Minerals Technologies Inc. has sweetened its offer to buy out Amcol International Corp. to about $1.38 billion in hopes the minerals and oilfield services company will be persuaded to nix its proposed sale to a French company.
Mineral Technologies, which produces mineral and synthetic mineral products, said that it sent a letter to Amcol's board on Monday detailing a binding offer to buy all of the company's outstanding shares for $42.50 a piece in cash.
That's up from the $42-per-share bid it announced on Feb. 14. But Amcol's stock, which had been trading higher than the proposed offer, slid 5.6 percent to $42.95 in after-hours trading Monday.
Minerals Technologies' bid followed the offer from France's Imerys. On Feb. 12, Amcol's board had approved a buyout offer of $41 per share, or about $1.33 billion, from the French minerals producer. Including debt, the companies put the deal's total value at roughly $1.6 billion. The companies said that they expected the deal to close in the first half of 2014.
The Hoffman Estates, Ill.-based company has about 32.5 million outstanding shares, according to FactSet.
Minerals Technologies, based in New York, said it has obtained committed debt financing to buy Amcol, noting it finished a review of the company's operations. That led Minerals Technologies to boost its offer price.
An email sent to Amcol was not immediately returned late Monday.
Minerals Technologies Inc. has sweetened its offer to buy out Amcol International Corp. to about $1.38 billion in hopes the minerals and oilfield services company will be persuaded to nix its proposed sale to a French company.