Elementis back in play on reports of bid approach from Innospec
Shares in Elementis PLC (LON:ELM) shot up 19% to 160.9p on Tuesday morning after Sky News reported US firm Innospec has been sniffing around.
Sky News said Elementis, which last year turned down a low-ball 117p per share offer from US rival, Minerals Technologies (NYSE:MTX), has received a bid approach that values the company at more than £1bn.
Sky’s sources suggested that a cash plus shares offer worth more than 200p a share is on the table.
Elementis, a major producer of talc and chromium that makes most of its revenues from the personal care and coatings industries, is currently valued at £788mln by the market after this morning’s share price surge.