Deals
40 North Raises W.R. Grace Bid to $4.6 Billion in Final Push
- Investment firm proposes $70 a share in ‘best and final’ offer
- U.S. chemicals firm has so far failed to agree to takeover
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40 North, the investment firm linked to Standard Industries Inc., increased its takeover offer for W.R. Grace & Co. to $4.6 billion in a final push to win over the U.S. chemical producer.
The suitor, which is W.R. Grace’s biggest shareholder, raised its bid to $70 a share in cash, according to a statement and letter sent to Grace’s board on Thursday. The “best and final” offer, up from its previous bid of $65, comes after 40 North conducted customary due diligence, and the day after a standstill agreement between the companies expired.