W R Grace closes acquisition of Albermarle business unit - Baltimore Business Journal bizjournals.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from bizjournals.com Daily Mail and Mail on Sunday newspapers.
Columbia, Maryland-based W.R. Grace, one of the oldest specialty chemical makers in the country, has agreed to be acquired by New York-based Standard Industries Holdings in a deal valued at $7 billion, including Grace’s pending acquisition of Albemarle Corp.’s fine chemistry services business.
Standard Industries’ all-cash acquisition of Grace is being made through its investment platform, 40 North Management LLC, one of Grace’s long-standing shareholders.
The $70 per share acquisition represents a 59% premium over Grace’s closing stock price on Nov. 6, 2020, the last trading day before 40 North’s initial proposal to acquire the company on Nov. 9.
Pending Grace shareholder and regulatory approval, the acquisition is expected to close in the fourth quarter. Grace will become a privately held company, and its stock will no longer trade on the New York Stock Exchange.