April 20 (Reuters) - Innospec Inc said on Tuesday it was no longer considering a possible offer for rival Elementis after the British company rejected a 160-pence per share takeover approach from the U.S. chemicals firm.
Innospec said it had sought support from the London-listed company’s board for its offer that would have valued Elementis at about 929.3 million pounds ($1.30 billion).
Elementis did not immediately respond to a request for comment.
The news comes after a Sky News report said Elementis received a fresh takeover bid from Innospec that valued it at over 1 billion pounds. The report sent shares of Elementis soaring as much as 22%.
Shares have since pared gains to trade 1.8% higher by 1352 GMT. ($1 = 0.7164 pounds) (Reporting by Yadarisa Shabong in Bengaluru; Editing by Shinjini Ganguli)