GCP Applied Technologies stock shoots up after $2.3 billion buyout deal

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Shares of GCP Applied Technologies Inc. GCP,
-1.35%
Premarket trading rose 14% on Monday to a nearly 3-year high, after the provider of additives and additives for concrete and cement announced an agreement to be acquired by Saint-Gobain in a deal worth about $2.3 billion . Under the terms of the deal, Saint-Gobain will pay $32 for each GCP share outstanding, which represents an 18% premium over Friday’s closing price of $27.02. The deal is expected to close in the second half of 2022. “GCP’s board unanimously supports this transaction and believes it provides full and fair value to all GCP shareholders,” said GCP’s independent chairman Peter Feld. “Saint-Gobain represents a great partner for the GCP and we are pleased to have reached this agreement.” GCP stock, which is on track to open at the highest price seen during regular-session hours since February 2019, is up 15% in the past three months since Friday, while the S&P 500 SPX,
-0.84%
has risen 0.1%.

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