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.

Before it's here, it's on the Bloomberg Terminal. LEARN MORE