HOFFMAN ESTATES, Ill. (AP) — France's Imerys is buying fellow minerals producer Amcol International Corp. for approximately $1.33 billion.
Imerys will pay $41 per share, a 12 percent premium to Amcol's Tuesday closing price of $36.72. Hoffman Estates, Ill.-based Amcol has about 32.4 million outstanding shares, according to FactSet. The companies put the deal's total value at approximately $1.6 billion, including debt.
After the related tender offer closes, a subsidiary of Paris-based Imerys will merge into Amcol with Amcol serving as the surviving company. Both companies' boards unanimously approved the transaction, which is not subject to a financing condition.
The deal is expected to close in the first half of 2014.