W.R. Grace & Co. (NYSE:GRA) closed +27% in today's trade after receiving an opportunistic $4B takeover offer from top shareholder 40 North Management after shares had plunged 63% YTD.

Late today, the company's board said it believed 40 North's $60/share proposal significantly undervalues the company and is not a basis for further discussions.

Meanwhile, the buyout bid appears low and could be a tactic to draw a competing bid, Robert W. Baird analyst Ben Kallo wrote earlier.

READ FULL ARTICLE HERE