W. R. Grace & Co. last week announced that, at a Special Meeting of Shareholders, the Company’s shareholders approved a proposal to adopt the merger agreement between Grace and an affiliate of Standard Industries Holdings Inc., under which Standard Industries Holdings will acquire all of the outstanding shares of Grace common stock for $70.00 per share in cash.

 

Approximately 99.6% of the votes cast at the meeting, representing approximately 69.5% of shares of the Company’s common stock issued and outstanding as of the close of business on August 9, 2021, the record date for the Special Meeting, voted to adopt the Merger Agreement. The final vote results, as certified by an independent Inspector of Election, will be filed on a Form 8-K with the U.S. Securities and Exchange Commission.

 

“We thank Grace shareholders for their strong support of this value creating transaction, which is in the best interest of Grace and our customers, employees, investors and other stakeholders,” said Hudson La Force, Grace’s President and Chief Executive Officer. “As part of Standard Industries, Grace will be even better positioned to provide innovative and sustainable technologies to create value for our customers.”

 

The completion of the transaction is expected to occur on Wednesday, September 22, 2021, subject to the satisfaction or waiver of the remaining customary closing conditions set forth in the Merger Agreement. Following the closing of this transaction, Grace will become a privately held company that will operate as a standalone company within the portfolio of Standard Industries, and Grace’s common stock will no longer be listed on the New York Stock Exchange.