(Reuters) – Investment manager 40 North Management LLC said on Thursday it had sweetened its bid for W.R. Grace & Co to $4.63 billion, or $70 per share, from a previous offer of $65 per share of the chemical company.
W.R. Grace had rejected previous unsolicited offers from 40 North, its top shareholder, as inadequate.
Thursday’s offer represents a premium of 16.9% to W.R. Grace’s last close. Shares of the company were up nearly 6% in premarket trading.
W.R. Grace did not immediately respond to a Reuters request for comment.
Reporting by Arunima Kumar in Bengaluru; Editing by Ramakrishnan M.
