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GRACE IN AGREEMENT TO ACQUIRE GRACE ENERGY MINORITY FOR $19.00 PER SHARE

 GRACE IN AGREEMENT TO ACQUIRE
 GRACE ENERGY MINORITY FOR $19.00 PER SHARE
 BOCA RATON, Fla., May 20 /PRNewswire/ -- W. R. Grace & Co. (NYSE: GRA) today announced that it has agreed in principle to acquire the 4,070,000 shares of common stock of Grace Energy Corporation (NYSE: GEG) not already owned by Grace for $19.00 per share in cash, an increase of $2.50 over Grace's initial proposal of $16.50 per share, announced on March 2, 1992. The increased price resulted from discussions between Grace and a committee of independent Grace Energy directors.
 A Grace spokesman said, "The acquisition of Grace Energy's publicly held shares should provide the flexibility Grace needs to execute its previously announced strategic plan to divest Grace Energy, a non-core business to Grace, and to focus on Grace's core businesses within the specialty chemicals and health care fields."
 W. R. Grace & Co., headquartered in Boca Raton, Fla., is the world's largest specialty chemicals company with a leadership position in health care. Grace Energy Corporation, headquartered in Dallas, Texas, is a diversified energy company whose subsidiaries are engaged in supplying services and equipment to the petroleum industry; in the exploration for a development of oil and natural gas; and in coal mining.
 -0- 5/20/92
 /CONTACT: Chuck Suits of W. R. Grace, 407-362-2600 or 800-GRACE99/
 (GRA GEG) CO: W. R. Grace & Co.; Grace Energy Corporation ST: Florida, Texas IN: CHM UTI SU: TNM


AW -- FL010 -- 2414 05/20/92 15:06 EDT
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Publication:PR Newswire
Date:May 20, 1992
Words:249
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