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Baxter withdraws offer for National Medical Care (NMC)

This article was originally published in Clinica

Executive Summary

Baxter has withdrawn its offer to purchase WR Grace's renal care unit, National Medical Care, leaving the way clear for Fresenius to go ahead with its merger plans (see Clinica No 692, p 11). In a letter to Grace chairman Albert Costello on February 22nd, Baxter's chairman and CEO, Vernon Loucks, says: "We have made a fair offer for NMC, which is substantially more favourable to the Grace shareholders than the Fresenius proposals. We will not increase our offer. Since Grace management continues to refuse to discuss our proposal and has determined to go forward with the Fresenius transaction, we hereby withdraw our proposal of January 31st, 1996."

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