On Thursday, Minerals Technologies confirmed that it had approached the board of the chemicals group 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.
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.
Minerals Technologies, which reported US$1.8bn of revenue last year, is focused on 'specialty minerals, minerals-based synthetic mineral products' and related services.
Elementis, which made US$874mln of revenue last year, is a major producer of talc and chromium, and makes most of its revenues from the personal care and coatings industries.
Shares in Elementis, which at the start of November were still down around 60% since the start of the year at just over 70p, rose 8.8% to 106.6p in mid-morning trading on Thursday, just shy of the rejected offer price.