SAN DIEGO and HOFFMAN
ESTATES, Ill., Feb. 12, 2014
/PRNewswire/ -- Shareholder rights attorneys at Robbins Arroyo
LLP are investigating the proposed acquisition of AMCOL
International Corporation (NYSE: ACO) by Imerys S.A. (Euronext
Paris: NK). On February 12,
2014, the two companies announced the signing of a
definitive agreement pursuant to which Imerys will commence a
tender offer to acquire all outstanding shares of AMCOL common
stock for $41.00 per share in
cash.
(Logo:
http://photos.prnewswire.com/prnh/20130103/MM36754LOGO)
Is the Proposed Merger Best for AMCOL and Its
Shareholders?
Robbins Arroyo LLP's investigation focuses on whether the board
of directors at AMCOL is undertaking a fair process to obtain
maximum value and adequately compensate AMCOL shareholders.
As an initial matter, the $41.00
merger consideration represents a premium to shareholders of just
11.7% based on AMCOL's closing price on February 11, 2014. This one day premium is
significantly below the average one day premium of over 27% for
comparable transactions in the last five years. Further,
prior to the announcement of the agreement, an analyst at Sidoti
& Company, LLC set a target price of $43.00.
In addition, on January 24, 2014,
AMCOL released its financial results for the fourth quarter of
2013, reporting record fourth quarter sales and solid increases in
net sales and operating profit. Specifically, AMCOL reported
that its net sales increased 9.7%, or $22.9
million, in the fourth quarter as compared to the same
quarter 2012. AMCOL also reported a 12.2% increase in
operating profit for the fourth quarter, or $2.2 million, as compared to the fourth quarter
2012.
In commenting on the these results and potential future growth,
AMCOL President and CEO, Ryan
McKendrick, remarked, "Our performance materials segment
experienced nice growth on both the top and bottom lines with
operating profit increasing 17.6%. The outlook for our flagship
metalcasting products looks positive as our customers serving the
auto industry anticipate steady demand in our core US and
China markets. Demand continues to
be strong for our pet products as we increase volumes to existing
customers as well as gain new packaged product customers. Within
basic minerals, all product lines experienced sales growth,
especially due to demand for non-foundry chromite and bulk
bentonite product."
Given these facts, Robbins Arroyo LLP is examining the AMCOL
board of directors' decision to sell the company to Imerys now
rather than allow shareholders to continue to participate in the
company's continued success and future growth prospects.
AMCOL shareholders have the option to file a class action
lawsuit to ensure the board of directors obtains the best possible
price for shareholders and the disclosure of material
information. AMCOL shareholders interested in information
about their rights and potential remedies can contact attorney
Darnell R. Donahue at (800)
350-6003, ddonahue@robbinsarroyo.com, or via the shareholder
information form on the firm's website.
Robbins Arroyo LLP is a nationally recognized leader in
securities litigation and shareholder rights law. The law
firm represents individual and institutional investors in
shareholder derivative and securities class action lawsuits, and
has helped its clients realize more than $1
billion of value for themselves and the companies in which
they have invested.
Attorney Advertising. Past results do not guarantee a
similar outcome.
Contact:
Darnell R. Donahue
Robbins Arroyo LLP
ddonahue@robbinsarroyo.com
(619) 525-3990 or Toll Free (800) 350-6003
www.robbinsarroyo.com
SOURCE Robbins Arroyo LLP