40 North Management LLC said Monday it has sent a letter to the board of directors of specialty chemicals producer W.R. Grace & Co. (GRA), increasing its offer to acquire all of the outstanding shares of common stock for $65 per share in cash, from the previous offer of $60 per share in cash. Shares of Grace are rising more than 11 percent in pre-market activity.
The offer represents a 62 percent premium over Grace's closing share price on October 13, 2020, the day prior to 40 North's regulatory filing disclosing the resignation of the 40 North representative from the Grace board of directors.
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