U.S. markets close in 3 hours 1 minute
  • S&P 500

    4,170.70
    +58.20 (+1.42%)
     
  • Dow 30

    34,358.75
    +337.30 (+0.99%)
     
  • Nasdaq

    13,397.25
    +272.26 (+2.07%)
     
  • Russell 2000

    2,212.02
    +41.07 (+1.89%)
     
  • Crude Oil

    65.27
    +1.45 (+2.27%)
     
  • Gold

    1,838.50
    +14.50 (+0.79%)
     
  • Silver

    27.44
    +0.39 (+1.43%)
     
  • EUR/USD

    1.2140
    +0.0056 (+0.46%)
     
  • 10-Yr Bond

    1.6470
    -0.0210 (-1.26%)
     
  • GBP/USD

    1.4098
    +0.0046 (+0.33%)
     
  • USD/JPY

    109.4060
    -0.0280 (-0.03%)
     
  • BTC-USD

    50,848.57
    +2,210.44 (+4.54%)
     
  • CMC Crypto 200

    1,422.32
    +63.76 (+4.69%)
     
  • FTSE 100

    7,043.61
    +80.28 (+1.15%)
     
  • Nikkei 225

    28,084.47
    +636.46 (+2.32%)
     

UPDATE 1-Innospec drops pursuit for UK rival Elementis after takeover approach rejection

  • Oops!
    Something went wrong.
    Please try again later.
  • Oops!
    Something went wrong.
    Please try again later.
·1 min read
  • Oops!
    Something went wrong.
    Please try again later.
  • Oops!
    Something went wrong.
    Please try again later.

(Adds details from Elementis statement)

April 20 (Reuters) - Innospec Inc said on Tuesday it was no longer considering a possible offer for rival Elementis after the British company rejected a 160-pence per share takeover approach from the U.S. chemicals firm.

Innospec said it had sought support from the London-listed company's board for its offer that would have valued Elementis at about 929.3 million pounds ($1.30 billion).

Elementis on Tuesday confirmed that it received Innospec's conditional cash-and-stock proposal on March 31, adding that it significantly undervalued the company.

The 175-year-old London-based company said the proposal was less attractive for its shareholders as a substantial amount of it was in the form of Innospec shares.

The news comes after Sky News on Monday reported that Elementis received a fresh takeover bid from Innospec that valued it at over 1 billion pounds, which sent shares of the British firm soaring as much as 22%.

Elementis shares, however, were trading down 0.9% at 134.3 pence by 1533 GMT. Innospec shares were down 2%. ($1 = 0.7164 pounds) (Reporting by Yadarisa Shabong, Indranil Sarkar and Vishwadha Chander in Bengaluru; Editing by Shinjini Ganguli and Ramakrishnan M.)