I am really sad about this sale of amcol. I inherited the stock I owned and was dependent on the quarterly dividends to afford me a rather nice lifestyle. My great grandparents knew the founder and purchased stock and it has been in our family since the inception of the company. I had planned that my children would inherit the stock I owned without any Capitol gains just like happened for me. Now I am hit with major capital gains and no stock. I was not at all into investing in stock and don't have a clue where to put the monies . I agree with one of the other posters. I did well by amcol. Wish they could of/would have just transferred the stock we owned into the merged company.
From today's SEC filing, Imerys gives up. MTX wins the bid at $45.75. Unless you need to wait for holdings that might go long term for tax purposes, there is probably no reason not to sell at just a couple cents below the offering price.
Imerys confirms today the termination by AMCOL International Corporation (NYSE: ACO, AMCOL) of the Agreement and Plan of Merger between Imerys and AMCOL, dated February 11, 2014, as amended. The termination follows Imerys’ decision, on March 7, not to increase its offer price for the acquisition of AMCOL after concluding that a higher price would not comply with its long term value creation objectives.
Pursuant to the terms of the Merger Agreement, AMCOL has paid a US$39 million termination fee to Imerys’ US subsidiary, which commenced the tender offer.
All steps necessary to withdraw Imerys’ tender offer for shares of AMCOL common stock are now being taken. As a result, all the shares of AMCOL’s common stock previously tendered will be returned to the holders thereof and no consideration will be paid to such holders.
In a pairing that is seen strengthening the U.S. in the specialty chemicals market when industry is resurgent, New York-based Minerals Technologies (MTX) is buying peer Amcol International (ACO) for about $1.7 billion.
After raising an earlier-rejected bid, Minerals Technologies won a bidding war for Amcol, based near Chicago, with a $45.75-per-share cash offer, besting rival bidder Imerys' $45.25 offer made March 4.
Last Thursday, Amcol said Minerals Technologies' offer was acceptable and Imerys, a French specialty chemicals multinational, had four days to come up with a better offer. Imerys failed to do so and Amcol paid a $39 million termination fee to Imerys.
The deal pairs specialty chemicals maker Minerals Technologies, spun off from Pfizer in the early 1990s and with annual sales topping $1 billion, with specialty chemicals company Amcol, which has nearly identical sales.
Looks like a done deal now at $45.75 per share. Irks me that I left $4.00 per share on the table by selling early, but oh well. My average cost was probably $28 per share and I sold at $41.50 so I guess I can't complain that much. Still think we would have been better off if Larry Washow had stayed in command. May look at MTX as an investment after this settle down. If they had done this properly, it would have been a tax free swap for MTX shares and everyone would have been better off. Harder to do with a French company, but not with MTX.
March 10 (Reuters) - Minerals Technologies Inc said it would buy Amcol International Corp for about $1.7 billion, after Paris-based Imerys SA failed to match Minerals' sweetened bid of $45.75 per share.
Amcol had previously asked Imerys to match Minerals' offer of $45.75 per share.
Amcol shares fell 2 percent to $45.69 in early trading on Monday.
The company has large reserves of bentonite, a mineral used in the construction and energy industries.
Looks like the bidders are getting tired and I expect one of them to throw in the towel soon. There has to be a level where the auctioneer puts the hammer down. $46 or so seems like close to fair value. Wish I hadn't jumped the gun on my sale, but that's life. Still made some money, but hated to leave that much on the table.
A lawsuit has been filed in State Court in Illinois. Any shareholders who have questions, or want to get a copy of the complaint along with how you can join with other shareholders seeking a higher price are encouraged to call Gabriel M. Selig, Esq. 1-802-855-1353. (Attorney advertising)
The insiders always have the edge , they never loose out . Just look at their track record in trading. Buying stock and having turn huge profits in a very short time! Just look at John Hughes's and Larry Washows trading history over the years! How do you say , " clean house and flush the Toilet " in French !!
I don't think Larry Washow would have botched this buyout like McKendrick has. What a mess. Guess I am just mad that I left money on the table, but still, they should have negotiated with both potential acquirers at the same time.
Steve, you are so kind in quickly sharing your opinion and knowledge with me. I cannot thank you enough for your help. I always look for your comments. They have been very helpful to me. And insightful as well.
Well, I would say there is no hurry to bail out. The WSJ reported tonight that a company named Minerals Technologies has made a competing offer at $42 per share. Looks like I may have bailed out too soon. Seemed a little funny that it was trading above the $41 offer price. As far as the lawyers go, I wouldn't count on them much. They are really ambulance chasers that show up for every buyout. Amcol has probably already gotten the blessing from the big holders for the deal, so it's pretty sure to go through. Good luck.
Steve, is it best to bail out now? Or jump on the bandwagon and join the investigation? Thanks for any insight you can give me.
It's been a decent investment. I have been in at least since 2004, but sold them all this morning. Hard to find really exciting ideas right now. Will take a little time and look for some interesting companies.
I too find it interesting that the directors exercised their options just before they announced this deal. Also, the stock is now trading at $14.30 which could mean shareholders think the price is low and that a higher offer is warranted.
I hope you two old timers are well and still holding ACO. I now have to figure out what the heck to do with the proceeds in this scary market. It is our largest holding. Whenever we needed to put money somewhere and had no good new idea, we would just buy more ACO! Best decision we ever made long term. Wish Old Guy was around to see this too. Memories eh?
Kind of a strange deal. Imersys is acquiring, but Amcol will be the surviving company? Will the new Amcol trade on a US exchange? Imersys trades somewhere in Europe as public company. Perhaps if they had an ADR it would have been a tax free exchange. As luck would have it, I sold a few shares in the last week, but still have 90% of my position.