Shares of GCP Applied Technologies Inc. (NYS:GCP) shot up 14% toward a near 3-year high in premarket trading Monday, after the provider of additives and admixtures for concrete and cement announced an agreement to be acquired by Saint-Gobain (PAR:FR:SGO) (OTC:CODYY) in a deal valued at about $2.3 billion. Under terms of the deal, Saint-Gobain will pay $32 for each GCP share outstanding, which represents an 18% premium to Friday's closing price of $27.02. the deal is expected to close in the second half of 2022. "The Board of GCP is unanimously supportive of this transaction and believes it provides full and fair value to all shareholders of GCP," said GCP Independent Chairman Peter Feld. "Saint-Gobain represents a great partner for GCP and we are pleased to have reached this agreement." GCP's stock, which is on track to open at the highest price seen during regular-session hours since February 2019, has rallied 15% over the past three months through Friday, while the S&P 500 (S&P:SPX) has gained 0.1%.
Dec. 6, 2021, 6:14 a.m. EST