{"id":469547,"date":"2021-04-01T08:03:26","date_gmt":"2021-04-01T12:03:26","guid":{"rendered":"http:\/\/www.marketnewsdesk.com\/?p=469547"},"modified":"2021-04-01T08:03:26","modified_gmt":"2021-04-01T12:03:26","slug":"40-north-increases-offer-for-w-r-grace-to-70-per-share","status":"publish","type":"post","link":"https:\/\/www.marketnewsdesk.com\/index.php\/40-north-increases-offer-for-w-r-grace-to-70-per-share\/","title":{"rendered":"40 North Increases Offer for W.R. Grace to $70 Per Share"},"content":{"rendered":"

<\/p>\n

40 North Increases Offer for W.R. Grace to $70 Per Share<\/b><\/p>\n

Offer Provides Immediate Cash to Grace Shareholders at a 74% Premium<\/i><\/p>\n

NEW YORK–(BUSINESS WIRE<\/a>)–
\n40 North Management LLC (\u201c40 North\u201d) today sent a letter to the Board of Directors of W.R. Grace & Co (NYSE: GRA) (\u201cGrace\u201d or the \u201cCompany\u201d) increasing its offer to acquire all of the outstanding shares of common stock for $70 per share in cash. The new offer represents a 74% premium over Grace\u2019s closing share price on October 13, 2020, the day prior to 40 North filing a Schedule 13D\/A with the Securities and Exchange Commission disclosing the resignation of the 40 North representative from the Grace Board of Directors.\n<\/p>\n

\nIn the letter, 40 North noted that beginning on February 1, 2021, it conducted a customary due diligence review of Grace in as comprehensive a way as possible given the limitations of the information provided by the Company. Following the review, 40 North determined that its proposal for $70 per share in cash fully values the Company and accordingly represents 40 North’s best and final offer.\n<\/p>\n

The full text of the letter follows:<\/b><\/p>\n

\nApril 1, 2021\n<\/p>\n

\nBoard of Directors
\n
W.R. Grace & Co.
\n
7500 Grace Drive
\n
Columbia, MD 21044\n<\/p>\n

\nDear Members of the Board:\n<\/p>\n

\nAs you know, since February 1, 2021 we have worked expeditiously to conduct a customary due diligence review of W.R. Grace & Co. (\u201cGrace\u201d or the \u201cCompany\u201d) in as comprehensive a way as possible given the limitations of the information provided by the Company. In connection with our review, we engaged numerous advisers, consultants and specialists to further our analysis of the various facets of Grace\u2019s business. Though the results of our work did not fully support management\u2019s optimistic growth expectations for Grace\u2019s specialty catalysts business, and we continue to have serious reservations with regard to the Company\u2019s questionably-timed acquisition of Albemarle\u2019s Fine Chemistry Services business, we remain firm in our belief that Grace\u2019s full potential for all stakeholders can best be achieved outside of the public markets with proactive, hands-on management. In this regard, we are prepared to submit our best and final offer of $70 per share in cash (our \u201cProposal\u201d). This Proposal represents a full valuation for the Company and reflects a multiple of 11.9x consensus 2021E EBITDA and a 74% premium over the Company\u2019s unaffected share price.1<\/sup> Moreover, it offers shareholders the opportunity to realize immediate, certain and attractive value.\n<\/p>\n

\nAs stated previously, our Proposal does not include any financing contingency, and our financing banks are Citi, J.P. Morgan, Deutsche Bank and BNP Paribas. This Proposal is subject only to confirmatory diligence, which we expect to be able to complete in two weeks, and the execution of definitive documentation. Our offer does not require any internal corporate or shareholder approvals and, with Grace\u2019s cooperation, we are confident we can receive all necessary regulatory approvals in a timely manner.\n<\/p>\n

\nWe stand ready to engage with you and your advisers to deliver a transaction in the best interests of all Grace shareholders without delay and look forward to hearing from you.\n<\/p>\n

\nSincerely,\n<\/p>\n

\nDavid J. Millstone \u00a0\u00a0\u00a0David S. Winter\n<\/p>\n

About 40 North:<\/b><\/p>\n

\n40 North is a fundamentally-based investment platform focused on public equities that takes concentrated, long-term positions across a range of sectors and leverages deep industrial knowledge to create value for all stakeholders.\n<\/p>\n

\n

1<\/sup> Prior to October 14, 2020, when 40 North filed its Schedule 13D amendment.<\/p>\n

\"\"<\/p>\n

View source version on businesswire.com: <\/span>https:\/\/www.businesswire.com\/news\/home\/20210401005393\/en\/<\/a><\/span><\/p>\n

Investors:
\n<\/b>
Scott Winter \/ Jonathan Salzberger
\n
Innisfree M&A Incorporated
\n
(212) 750-5833\n<\/p>\n

Media:
\n<\/b>
Lex Suvanto
\n
Edelman
\n
Lex.Suvanto@edelman.com
\n<\/a>
(646) 775-8337\n<\/p>\n

\nPatrick Ryan
\n
Edelman
\n
Patrick.Ryan@edelman.com
\n<\/a>
(610) 306-7536\n<\/p>\n

KEYWORDS:<\/b> United States North America New York<\/p>\n

INDUSTRY KEYWORDS:<\/b> Banking Professional Services Finance<\/p>\n

MEDIA:<\/b><\/p>\n\n","protected":false},"excerpt":{"rendered":"

40 North Increases Offer for W.R. Grace to $70 Per Share Offer Provides Immediate Cash to Grace Shareholders at a 74% Premium NEW YORK–(BUSINESS WIRE)– 40 North Management LLC (\u201c40 North\u201d) today sent a letter to the Board of Directors of W.R. Grace & Co (NYSE: GRA) (\u201cGrace\u201d or the \u201cCompany\u201d) increasing its offer to acquire all of the outstanding shares of common stock for $70 per share in cash. The new offer represents a 74% premium over Grace\u2019s closing share price on October 13, 2020, the day prior to 40 North filing a Schedule 13D\/A with the Securities and Exchange Commission disclosing the resignation of the 40 North representative from the Grace Board of Directors. In the letter, 40 … <\/p>\n

Continue reading “40 North Increases Offer for W.R. Grace to $70 Per Share”<\/span><\/a><\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[],"tags":[],"class_list":["post-469547","post","type-post","status-publish","format-standard","hentry"],"yoast_head":"\n40 North Increases Offer for W.R. Grace to $70 Per Share - Market Newsdesk<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.marketnewsdesk.com\/index.php\/40-north-increases-offer-for-w-r-grace-to-70-per-share\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"40 North Increases Offer for W.R. 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