June 15, 1995 |
W.R. Grace & Co. will spin off its health care unit to shareholders rather than sell it or accept merger proposals. The specialty chemical and medical company said it rejected an informal merger bid for its National Medical Care Inc. unit from Vivra Inc., a rival kidney dialysis company, and a $3.5-billion purchase offer from the head of the unit. Grace is transferring $1.4 billion of its $2-billion debt to National Medical Care as part of the transaction. Boca Raton, Fla.