US Fund KPS explored takeover offer for UK Elementis –sources
24/01/2024 18:55
By Amy-Jo Crowley and Emma-Victoria Farr
LONDON, Jan 24 (Reuters) - KPS Capital Partners recently
explored a bid for UK specialty chemicals maker Elementis
ELM.L but has since paused its work, two people familiar with
the matter told Reuters.
The New York-based private equity firm in December submitted
an offer valuing the FTSE 250 company at about 160p per share,
but the Elementis board wanted around 180p, one of the people
said.
Shares in Elementis, which makes a range of chemical and
personal care products, closed at 125p on Wednesday, giving the
company a market value of around 735 million pounds.
Spokespeople for Elementis and KPS declined to comment.
(Reporting by Amy-Jo Crowley, Editing by Anousha Sakoui and
Nick Zieminski)
((Amy-Jo.Crowley@thomsonreuters.com;))