Elementis : receives £1bn takeover bid from US chemicals giant Innospec
April 19, 2021 at 03:31 pm EDT
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FTSE 250 firm Elementis has received a takeover bid worth more than £1bn from Nasdaq-listed chemicals giant Innospec.
Sky News reported that the US firm had tabled a bid for the fellow chemicals firm worth more than 200p per share.
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Such a bid would represent a premium of nearly two-thirds on Elementis’ closing price of 135p per share today.
In response to enquiries from City A.M., Innospec said that it did not comment on rumours or speculation.
But it was reported that both firms would be under pressure to confirm the approach after questions were raised after why the bid’s existence had not yet been shared with stakeholders.
Last year Elementis was the subject of a takeover pursuit by another US firm, Mineral Technologies.
The New York-based firm made a number of bids for the FTSE 250 group, with a top offer worth 130 per share. However, this was rejected by Elementis’ board.
City A.M. has contacted Elementis for comment.
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Elementis plc is a United Kingdom-based specialty chemicals company. The Company is engaged in developing performance-driven additives that address unmet consumer and market needs. The Company operates through two segments: Performance Specialties, and Personal Care. The Performance Specialties segment consists of Coatings and Talc. The Coatings segment is engaged in the production of rheological modifiers and additives for decorative and industrial coatings. The Talc segment is engaged in the production and supply of talc for use in the plastics, coatings, technical ceramics and paper sectors. The Personal Care segment is engaged in the production of rheological modifiers and compounded products, including active ingredients for antiperspirant deodorants, for supply to personal care manufacturers. It also delivers crucial end product attributes across a range of industries, including cosmetics, coatings and long-life plastics.
ELEMENTIS PLC 
