LONDON: KPS Capital Partners recently explored a bid for UK specialty chemicals maker Elementis but has since paused its work, two people familiar with the matter told Reuters.

The New York-based private equity firm in December submitted an offer valuing the FTSE 250 company at about 160p per share, but the Elementis board wanted around 180p, one of the people said. Spokespeople for Elementis and KPS declined to comment.