(Alliance News) - Elementis PLC said Thursday that Minerals Technologies Inc has backed off from its attempt to buy the firm.
Shares in the speciality chemicals and personal care company were 10% lower in London on Thursday at 112.10 pence.
On Monday, Elementis rejected a third takeover offer made by Minerals Technologies, labelling the 130 pence per share offer "highly opportunistic".
On November 5, Elementis received the first approach from New York and Frankfurt-listed Minerals Technologies, proposing a purchase price of 107p per share. However, that proposal was rejected following a review by Elementis' board, management and advisers. A second proposal at 117p per share, received on November 24, was also rejected.
In a statement Thursday, Mineral Technologies said the third offer of 130p per share was "fair". It said it "disagrees" with Elementis' view of the deal, and noted the company's refusal to engage in discussions.
"Minerals Technologies will remain disciplined in its approach to consolidation opportunities," the company added.
Elementis responded, saying it has "refocused its business and built strong market positions in its high margin specialist sectors with growth underpinned by our differentiated, high quality assets".
"Our focus continues to be on the successful delivery of the Innovation, Growth & Efficiency strategy and our medium-term group performance objectives. We are confident that delivery of our strategy will result in significant value creation for Elementis' shareholders," it continued.
By Paul McGowan; paulmcgowan@alliancenews.com
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Elementis (ELM)