W. R. Grace: Up on Standard Industries' $4.6 bln buyout deal

Standard Industries

26/04/2021 15:37

** Shares of specialty chemicals company W. R. Grace & Co
 GRA.N  up 6.4% at $68.35
    ** Standard Industries Holdings Inc to buy GRA in a $4.63
bln cash deal  urn:newsml:reuters.com:*:nL4N2MJ2VG
    ** Standard Industries will buy all outstanding shares for
$70/share, representing a premium of about 9% to Grace's last
close
    ** Earlier this month, Standard Industries' investment
platform 40 North, a long-standing and the largest shareholder
of Grace, sweetened its offer to $70 from $65 per share, after
Grace rejected its previous unsolicited offers, saying they were
inadequate
    ** Grace's board unanimously approved the deal, which is
expected to close in Q4
    ** Upon completion, Grace will become a privately held
company 

 (Reporting by Arunima Kumar in Bengaluru)
 ((Arunima.Kumar@thomsonreuters.com))