GCP Applied Technologies Rallies On Decision To Be Bought By Saint-Gobain

(RTTNews) - Shares of construction products technologies provider GCP Applied Technologies Inc. (GCP) are rising more than 16% Monday morning after the company announced its decision to be acquired by Saint-Gobain in a transaction valued about $2.3 billion, to be paid in cash.

Saint-Gobain is expected to pay $32 per GCP share, a premium of 39% above the volume-weighted average price per share for the 30-trading days ended on the undisturbed date of November 30, 2021.

The deal is expected to close in the second half of 2022.

GCP stock is currently trading at $31.39.