Deals
40 North Increases W.R. Grace Bid to $4.3 Billion After Snub
- Offer lifted to $65 a share to put pressure on Grace to engage
- Chemical producer had rejected November bid of $60/share
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40 North raised its bid for W.R. Grace & Co. to $4.3 billion in an effort to break the U.S. chemical company’s resistance to a takeover and end what the investment firm sees as lackluster returns.
The No. 1 shareholder-turned-suitor, which is linked to Standard Industries Inc., increased its bid to $65 a share in cash from $60, Grace said in a statement Monday, confirming an earlier Bloomberg News report.