W.R. Grace’s stock soars after 40 North boosts buyout bid

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Shares of W.R. Grace & Co. soared 11.7% in premarket trading Monday, after 40 North Management LLC raised its buyout bid for the chemicals and materials company by 8.3% to $65 a share. On Nov. 9, W.R. Grace had confirmed that 40 North made an unsolicited bid to buy the company for $60 a share, which was at the time was 36.2% above the stock’s Nov. 6 closing price. W.R. Grace’s stock hasn’t closed above $65 since Feb. 3, 2020. 40 North said since it made its original buyout bid, which 40 North said was rejected on the same day it was made, the company’s board of directors “have neither engaged with us, nor made any public statement about opportunities Grace is pursuing to maximize value.” 40 North said it is determined to acquire Grace, and the the increased bid demonstrates the “strength of this conviction.” W.R. Grace’s stock has dropped 18.8% over the past 12 months through Friday, while the S&P 500 has gained 17.1%.
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