(Bloomberg) -- Investment firm 40 North criticized W.R. Grace & Co.'s rejection of its $4 billion takeover offer, escalating tensions between the top shareholder and the chemicals company.
The multibillion-dollar investment vehicle, linked to Standard Industries Inc., will continue to work with advisers and other relevant parties, it said in a statement. On Monday, 40 North tabled a $60 a share cash offer for the Columbia, Maryland-based refinery catalysts maker.
The U.S. chemical maker's board was quick to rebuff the proposal, saying later the same day that the proposal “significantly undervalues” the company and is “not a basis” for further discussions. 40 North, the biggest shareholder with almost 15%, said on Wednesday it was “disappointed” by the negative response.
“Ultimately, this is a decision for W.R. Grace shareholders, who have been consistently underserved,” according to a statement from 40 North principals David Winter and David Millstone.
Related News: W.R. Grace Gets $4 Billion Bid From Top Shareholder 40 North
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