BELLE FOURCHE, South Dakota — A bentonite mining company that operates in western South Dakota has agreed to merge with a French firm.
The Rapid City Journal (http://bit.ly/1hzjQO5 ) reports that American Colloid stated in a federal filing earlier this month that it had received an unsolicited letter from Mineral Technologies, Inc.
The letter mentioned in the filing with the U.S. Securities and Exchange Commission states Mineral Technologies is proposing to purchase American Colloid's outstanding shares of stock for $42 per share.
A representative of the company operating in Belle Fourche confirmed the filing to the newspaper, but declined to comment further. The filing doesn't provide dates for the transaction.
American Colloid has mined bentonite since 1927. Bentonite has the ability absorb 10 times its weight in water. It's used in cat litter and beauty supplies.
Information from: Rapid City Journal, http://www.rapidcityjournal.com