THE WHAT? Nasdaq-listed Innospec has launched a takeover bid of chemicals group Elementis, which values the company at more than £1bn.
THE DETAILS Elementis has seen various U.S. takeover bids, including one from Mineral Technologies last year. However, the latest Innospec bid is at a premium to its current share price, according to Sky news.
THE WHY? The offer is said to have raised questions regarding why a written offer by a credible company such as Innospec was not divulged to Elementis’ shareholders.
Should the deal go through, it would mean a larger section of Britain’s industrial sector being absorbed by a U.S. company, and also raises questions about takeover disclosures following situations where boards have refused to inform investors.