By Sam Boughedda
Investing.com — GCP Applied Technologies Inc (NYSE :) Shares rose 16.5% following news that the company was acquired by French multinational Saint-Gobain.
GCP manufactures construction product technology, including admixtures and additives for concrete and cement used in the construction of structures.
Saint-Gobain will acquire GCP for $ 32 in cash per share. This is a 39% premium on the volume-weighted average stock price for the 30 days until November 30th.
The transaction is expected to close in the second half of 2022.
Simon Bates, President and CEO of GCP, said:
“Thanks to its global platform, key resources, and commercial and innovative expertise, Saint-Gobain is in the perfect position to ensure GCP operations and people’s long-term success.”
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GCP Applied Technologies acquired by Saint-Gobain in a $ 2.3 billion transaction by Investing.com
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