Elementis plc (LON:ELM) said it has “unanimously rejected” a takeover proposal from US firm Minerals Technologies Inc (NYSE:MTX), saying the offer “significantly undervalued” its prospects.
On Thursday, Minerals Technologies confirmed that it had approached the board of Elementis on November 5 regarding an all-cash offer of 107p per share, a 31% premium to the company’s closing price on November 4, the day before the approach was made.
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However, Minerals Technologies said that Elementis had rejected the proposal on Tuesday and that it is currently considering its position, with no certainty that a further proposal will be made.
Shares in Elementis rose 8.8% to 106.6p in mid-morning trading, just shy of the rejected offer price.