On January 25, 2024, Franklin Mutual Advisers LLC announced that it has sent 2nd letter to Elementis PLC board of directors, stating that it is writing to express its dismay at recent media reports that the Company has rejected a 160p takeover offer from KPS Capital Partners, in its view, this recent interest from KPS, coupled with prior offers from Minerals Technologies, and Innospec, again confirm mutual series' view that the Company is a desirable acquisition target, and it believes this indication of interest should be the catalyst to launch a formal process to maximize shareholder value. In addition, Franklin Mutual Advisers concerned that, the Board does not appear to be acting in the best interests of its shareholders, it believes that the leadership team at the Company is missing a valuable opportunity to maximize the value of the Company and urged the Company board to initiate a sales process immediately, and to engage with all potential buyers to maximize shareholder value.