* Says Swenson Granite to pay $5.25 per share in cash
* Deal at a premium of about 28 pct to Friday close
* Swenson members own 81 pct of Rock of Ages voting shrs
* Rock of Ages shares jump 25 pct
Oct 18 (Reuters) - Granite quarrier Rock of Ages Corp ROAC.O agreed to be bought by Swenson Granite Co, a privately held company affiliated to its chairman, for about $38.9 million in cash, after Swenson raised its earlier unsolicited offer by about 20 percent.
The new offer of $5.25 a share represents a premium of 28 percent to Rock of Ages’ closing price on Friday.
Swenson Granite Chairman Kurt Swenson, who is also Rock of Ages non-executive chairman, along with certain family members and other associates, hold about 81 percent of the total voting power of all Rock of Ages shares.
In May, Swenson Granite had made an unsolicited offer of $4.38 per share and at that time Rock of Ages said it was considering strategic alternatives while evaluating the takeover proposal. [ID:nSGE6460L0] [ID:nSGE64K0GU]
Shares of Barre, Vermont-based Rock of Ages were trading up 25 percent at $5.13, their highest in 2 ½ years, Monday morning on Nasdaq. They have gained nearly a quarter of their value since the company received the takeover offer from Swenson Granite on May 7. (Reporting by Megha Mandavia in Bangalore; Editing by Anne Pallivathuckal)