Reuters first with news W.R. Grace on hunt for acquisition; shares spike
06.21.2011
Reuters beat competitors in reporting on June 21 that chemical maker W.R. Grace was on the hunt for an acquisition to bolster its catalyst business. The news sent shares in the company 6.1 percent higher. Reuters was three hours ahead of Bloomberg and more than seven hours ahead of MarketWatch. The story detailed how bankrupt W.R. Grace needs court approval to participate in an auction, and how the company is asking the court to shield the seller and related trade secrets. The Reuters story was picked up by Forbes, CNBC and Fidelity.com, and merger blogs Takeover Chatter, ForexYard and BestGrowthStock. It was widely promoted on Twitter by traders.
