Innospec says no offer for UK rival Elementis after takeover approach rejection
20/04/2021 15:11
April 20 (Reuters) - Innospec Inc IOSP.O said on Tuesday
it was no longer considering a possible offer for rival
Elementis ELM.L 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 did not immediately respond to a request for
comment.
The news comes after a Sky News report said Elementis
received a fresh takeover bid from Innospec that valued it at
over 1 billion pounds. The report sent shares of Elementis
soaring as much as 22%. urn:newsml:reuters.com:*:nFWN2MC0QV
Shares have since pared gains to trade 1.8% higher by 1352
GMT.
($1 = 0.7164 pounds)
(Reporting by Yadarisa Shabong in Bengaluru; Editing by
Shinjini Ganguli)
((Yadarisa.Shabong@thomsonreuters.com; Twitter: https://twitter.com/Yadarisa;
+919742735150;))