Imerys receives OK of stalking horse agreement, bid protections

By Sarah Lizee

Olympia, Wash., Oct. 29 – Imerys Talc America, Inc. received court approval of the debtors’ designation of Magris Resources Canada Inc. as stalking horse bidder for substantially all of its assets, according to an order filed Thursday with the U.S. Bankruptcy Court for the District of Delaware.

As previously reported, 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 up to $500,000 expense reimbursement.

Any competing bid must 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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