21 June 2011 22:33 [Source: ICIS news]
HOUSTON (ICIS)--US-based catalyst producer WR Grace had no comments on Tuesday regarding the company's discussions in a court filing to make what it called a strategic acquisition.
The acquisition plans go back to at least May, when WR Grace's board allowed the company to start "diligence" regarding the deal, Grace said court documents.
The deal could significantly improve the company's business plan and growth strategy in the upcoming years, Grace said. The company did not provide other details about the possible acquisition.
Grace made its comments in documents filed in bankruptcy court.
Grace is operating under Chapter 11 bankruptcy protection. As a result, the court needs to approve transactions that fall outside of the course of ordinary business.
As such, Grace plans to seek court permission to participate in an auction.
It also wants to file under seal two declarations that support the deal.
Grace wants to file the documents under seal because it does not want to endanger the possible deal.
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