W.R. Grace (NYSE:GRA) bidder 40 North, which last week raised its bid for the chemical company to $65/share, is unlikely to boost its offer much higher, Monness Crespi writes.
Sees best outcome for W.R. Grace is get a bid from the outside, either a strategic buyer, such as an integrated oil company or a state-owned petroleum company, or a financial buyer, according to analyst Chris Shaw.
Expects that unless GRA decides to start a process to sell itself, 40 North will propose a board slate for upcoming elections.
W.R. Grace's comments last week seem to imply that results may have returned to pre-pandemic levels, which would suggest a "significant fundamental positive'' for GRA and may imply upside to upcoming results.
