A bentonite mining company that operates in western South Dakota has agreed to merge with a French firm.
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.
Most Popular Today
Sioux City Riverboat Casino Prepares For Last Day
Keller Williams Acquiring HJN
Keller Williams Buys Out HJN Realty
- 4.Development, Events Center
New Developments Near Events Center Taking Shape
Debt And The Midwest
Census Estimates Sioux Falls Population Nearing 165,000
- 7.Health Care
ND Hospital, National Nonprofit Talk Affiliation
- 8.Development, Events Center
Russell Street Construction Nearing Completion
- 9.Retail & Restaurants
New Fitness Center Opening In Sioux Falls
- 10.Meetings & Events, Events Center
City Seeks Performers For Events Center Open House