GRACE COMPLETES TENDER OFFER FOR GRACE ENERGY
GRACE COMPLETES TENDER OFFER FOR GRACE ENERGY BOCA RATON, Fla., June 29 /PRNewswire/ -- W. R. Grace & Co.
(NYSE: GRA) today announced the completion of its $19 per share cash tender offer for the outstanding shares of Grace Energy Corporation (NYSE: GEG). In the offer, which expired at midnight, New York City time, on June 26, 1992, 3,982,672 shares of Grace Energy common stock were tendered (including 159,818 shares subject to guarantees of delivery) and accepted for payment, which, when combined with the Grace Energy shares already owned by Grace, result in Grace's ownership of 99.6 percent of Grace Energy's outstanding stock. A Grace spokesman said that Grace plans to acquire the remaining Grace Energy shares at $19 per share through a cash merger, expected to be completed shortly.
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 development of oil and natural gas; and in coal mining. -0- 6/29/92 /CONTACT: Chuck Suits of W. R. Grace & Co., 407-362-2600 or 800-GRACE99/ (GRA GEG) CO: W. R. Grace & Co.; Grace Energy Corp. ST: Florida IN: CHM UTI SU:
AW-SS -- FL004 -- 4547 06/29/92 09:12 EDT
|Printer friendly Cite/link Email Feedback|
|Date:||Jun 29, 1992|
|Previous Article:||GM DELIVERS NATION'S FIRST PRODUCTION ETHANOL VEHICLE|
|Next Article:||AVECOR CARDIOVASCULAR TO ESTABLISH DIRECT SALES FORCE IN NINE ATLANTIC STATES|