Elementis downgrades Mondo Minerals acquisition by $100 million

Elementis downgrades Mondo Minerals acquisition by $100 million

British speciality chemicals company Elementis is set to pay $100 million less for the acquisition of Mondo Minerals after shareholders voiced their concerns at the original price of the deal.

Elementis will now acquire the company from U.S. private equity firm Advent for $500 million as opposed to the original $600 million following a consultations with shareholders, according to CEO Paul Waterman,

The company is set to acquire the Mondo Minerals, based in Amsterdam, in a bid to move further into talc additives to use for products ranging from plastics to cosmetics.

Elementis top shareholders Threadneedle Asset Management and APG Asset Management were said to have given full support for the revised deal, with the acquisition being funded by a rights issue of $230 million.

Leave a reply

Your email address will not be published. Required fields are marked *