By Sam Boughedda
Investing.com — GCP Applied Technologies Inc (NYSE:GCP) shares rose 16.5% after news the company will be acquired by French multinational corporation Saint-Gobain.
GCP makes construction product technologies that include admixtures and additives for concrete and cement used to build structures.
Saint-Gobain will acquire GCP for $32 per share, in cash — a 39% premium on the volume-weighted average price per share for the 30-trading days ended November 30.
The transaction is expected to close in the second half of 2022.
"We are thrilled for GCP to join Saint-Gobain, the ideal strategic partner to support our growth," said Simon Bates, president and CEO of GCP
"Thanks to its global platform, significant resources as well as commercial and innovation expertise, Saint-Gobain is perfectly positioned to ensure the success of GCP’s operations and people over the long term.”