Chemical maker W.R. Grace & Co (GRA.N), which is operating under Chapter 11 bankruptcy protection, wants to make an acquisition that would "significantly" bolster its business. The company's board started investigating a "highly confidential potential strategic transaction" last month, according to a filing with U.S. Bankruptcy Court. Grace is now asking the court to seal any disclosure of the seller. The company needs the court's permission to do anything outside normal business operations, including acquisitions. "The board determined in its business judgment that this proposed transaction would significantly enhance Grace's business plan and growth strategy in coming years," the company said in the filing.
W.R. Grace & Co. is engaged in the production and sale of specialty chemicals and specialty materials on a global basis. Shares of GRA traded higher by 5.7% or $2.38/share to $44.16. In the past year, the shares have traded as low as $19.63 and as high as $45.87. On average, 603684 shares of GRA exchange hands on a given day and today's volume is recorded at 226912.
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