Imerys Talc America gets $223 million stalking horse bid for assets

By Sarah Lizee

Olympia, Wash., Oct. 14 – Imerys Talc America, Inc. named Magris Resources Canada Inc. as stalking horse bidder for substantially all of its assets, according to a notice filed Tuesday with the U.S. Bankruptcy Court for the District of Delaware.

Under the asset purchase agreement entered into on Tuesday, Magris agreed to pay $223 million for the assets.

Competing bids are due by 4 p.m. ET on Nov. 10.

Magris’ bid protections include a 1.5% breakup fee and an up to $500,000 expense reimbursement.

Any competing bid must be at least be equal to the stalking horse purchase price, plus the bid protections and the initial minimum overbid of $100,000.

An auction will be held on Nov. 12, if necessary.

The sale hearing is scheduled for Nov. 16.

Imerys SA is a Paris-based producer of industrial materials. Its subsidiaries filed bankruptcy on Feb. 13, 2019 under Chapter 11 case number 19-10289.

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