Financings in Brief: W.R. Grace
This article was originally published in The Gray Sheet
W.R. Grace: Announces June 14 that it plans to spin off its National Medical Care kidney dialysis services unit by issuing a special stock dividend to Grace shareholders. Grace's board chose the tax-free spin-off over several takeover bids, including a $3.5 bil. offer made by NMC Chairman/CEO Constantine Hampers in early May ("The Gray Sheet" May 8, p. 14) and a more recent proposal by Vivra, an NMC competitor in the kidney dialysis services field. In conjunction with the deal, NMC will pay Grace a $1.4 bil. one-time dividend. Grace President/CEO Albert Costello said the spin-off will make Grace "a strategically, operationally and financially stronger company." Grace, which had $5.1 bil. in sales during 1994 including $1.9 bil. from NMC, also has retained Arthur Andersen & Co. to help it reduce operating costs.
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