Following press speculation, it has been confirmed that Innospec made an offer to acquire Elementis for £1.60/share on 31 March and that this was rejected on 9 April. Innospec is no longer pursuing the matter.

Elementis said that its board, together with its management and advisers, assessed the offer against its own valuation framework concluded that it “fell meaningfully short of the value creation potential” of the current strategy, particularly in view of “the strong momentum in the business” after a strong start to the year. They therefore unanimously rejected it.