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Grindrod Shipping Stock Up 18% On Acquisition Proposal From Taylor Maritime Investment

Shares of Grindrod Shipping Holdings Ltd. (GRIN) are gaining over 18% on Monday morning after London-listed Taylor Maritime Investment Limited (TMI.L) offered to buy the Singapore-based shipping company for $26 a share.

GRIN is currently trading at $24.24, up $3.74 or 18.24%, on the Nasdaq. The stock opened its trading at $20.50 after closing Friday's trading at $22.58. The stock has traded between $12.83 and $28.98 in the past 52-week period.

Taylor Mairitme has proposed to acquire Grindrod Shipping for a cash consideration of $26.00 per share at price of $21.00 per share to be paid in conjunction with a special cash dividend of $5.00 per share.

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