Minerals Technologies Statement Regarding Elementis plc (“Elementis” or “the Company”)

NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, DIRECTLY OR INDIRECTLY, IN WHOLE OR IN PART IN, INTO OR FROM ANY JURISDICTION WHERE TO DO SO WOULD CONSTITUTE A VIOLATION OF THE RELEVANT LAWS OR REGULATIONS OF SUCH JURISDICTION.

THIS IS AN ANNOUNCEMENT FALLING UNDER RULE 2.8 OF THE CITY CODE ON TAKEOVERS AND MERGERS (THE "CODE").

THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION.

NEW YORK, Dec. 10, 2020 (GLOBE NEWSWIRE) -- Further to the decision by the Elementis Board to reject our increased all-cash possible offer for the Company of 130 pence per Elementis share, Minerals Technologies Inc. (NYSE: MTX) (“MTI”) announces today that it does not intend to make an offer for Elementis under Rule 2.7 of the Code.

Minerals Technologies believes that its all-cash proposal of 130 pence per share was fair, based on information in the public domain, and disagrees with the views expressed by the Elementis Board in connection with its refusal to engage in discussions.

Minerals Technologies will remain disciplined in its approach to consolidation opportunities.

This is a statement to which Rule 2.8 of the Code applies.

For the purposes of Rule 2.8 of the Code, Minerals Technologies reserves the right to set aside the restrictions in Rule 2.8 in the following circumstances:

1. with the agreement of the Elementis Board;
2. if a third party announces a firm intention to make an offer for Elementis;
3. if Elementis announces a “whitewash” proposal (as referred to in Note 1 of the Notes on Dispensations from Rule 9) or a reverse takeover (as defined in the Code); and
4. if there has been a material change of circumstances (as determined by the Panel on Takeovers and Mergers).

Enquiries
Minerals Technologies
Investor Contact
Erik Aldag	[phone]
Media Contact
Michael Landau	[phone]
Lazard (Financial Adviser)
Mark McMaster	[phone]
Richard Shaw / Edward Earlam	[phone]
Peel Hunt (Broker)
Tom Ballard / Mike Burke / Mike Bell	[phone]
Finsbury (Communications)
James Murgatroyd	[phone]
Gordon Simpson	[phone]