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Grace Sloughs Off Its Medical Unit


In Business This Week

GRACE SLOUGHS OFF ITS MEDICAL UNIT

CONSTANTINE HAMPERS LOST out again. W.R. Grace opted on June 14 to spin off National Medical Care, its kidney-dialysis and home-health-care subsidiary. In so doing, it spurned a $3.5 billion buyout proposal by Hampers, NMC's chairman, who already lost a bid to head Grace itself. The company also passed over an offer from rival Vivra. Instead, NMC will pay Grace a $1.4 billion dividend, which Grace will use to pay down debt. Hampers and NMC management are expected to remain at the new company: They got stock options worth 6.6% of NMC's shares.EDITED BY KEITH H. HAMMONDS


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