Business & Practice

40 North Increases W.R. Grace Bid to $4.3 Billion After Snub (2)

Jan. 11, 2021, 3:01 PM

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.

The new offer is 16% higher than Friday’s close. It represents a 62% premium to Grace’s closing price on Oct. 13, the day before news of the departure of...

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