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Article: BAXTER OFFERS $3.8 BILLION FOR W. R. GRACE'S NMC UNIT; ACQUISITION WOULD CREATE GLOBAL RENAL THERAPY LEADER
- Article from:
- PR Newswire
- Article date:
- February 2, 1996
CopyrightCOPYRIGHT 1996 PR Newswire Association LLC. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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DEERFIELD, Ill., Feb. 2 /PRNewswire/ -- Baxter International (NYSE: BAX) announced today that it has sent a formal offer to W. R. Grace & Co. (NYSE: GRA) and to each of its directors to acquire its National Medical Care, Inc. (NMC) subsidiary in a tax-free transaction valued at $3.8 billion.
Baxter's proposal is simple, straightforward and fair. Baxter's proposal involves payment to Grace of $2.0 billion, comprised of a cash dividend, notes and assumed debt, and $1.8 billion in Baxter common stock, to be issued to Grace shareholders in exchange for all of the stock of NMC. The transaction would be structured as a tax-free spin- off of NMC to Grace shareholders, ...