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Elementis rejects £621m bid from US tech company
StockMarketWire.com
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Chemicals specialist Elementis has rejected an approach from a US resources and technology company that valued the firm at approximately £621 million.
The company's board said it had rejected the proposed offer of 107p per share from Mineral Technologies as it 'significantly undervalued Elementis and its future prospects'.
In response, Mineral Technologies said it was 'currently considering its position'.
It said there was no certainty that any further proposal or firm offer would be made.
'However, any offer would be likely to be solely in cash,' the US firm stated.
Elementis' share price is up 7.45% today to 105.3p.
At 2:47pm: (LON:ELM) Elementis PLC share price was +9.05p at 107.05p
Story provided by StockMarketWire.com
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