Why GCP Applied Stock Soared 16% to a 52-Week High Today

Shares of GCP Applied Technologies (NYSE: GCP) soared Monday morning, gaining 16.7% as of 11:55 a.m. ET. With the construction chemicals company agreeing to sell itself for $2.3 billion, the markets wasted no time bidding the stock higher to its proposed buyout price. This morning, French construction materials company Saint-Gobain (OTC: CODY.Y) announced it'll acquire all of GCP's outstanding shares at $32 per share, valuing the deal at $2.3 billion, to be paid in cash.