Abbey Healthcare, Homedco joiningTwo companies that...


March 03, 1995

Abbey Healthcare, Homedco joining

Two companies that provide medical services to patients in their homes announced a $1 billion merger yesterday, in a deal that would create the largest company in the industry.

The Abbey Healthcare Group and the Homedco Group, both based just south of Los Angeles, said they would combine in a merger of near equals to create a nationwide home medical care group. The new company has not yet been named.

Under the merger, Homedco shareholders will receive two shares in the new company for every existing share, and Abbey shareholders will receive 1.4 new shares for each of their shares.

Profits up for Md.-chartered banks

Profits in 1994 were up a modest 5.2 percent among Maryland's 78 state-chartered banks and trust companies, which include Mercantile-Safe Deposit & Trust Co. and Provident Bank of Maryland. The state Bank Commissioner's Office reported that net income in 1994 was $231.1 million, compared with $219.7 million in 1993. Operating income fell 4 percent, but expenses made up the difference, falling nearly 8 percent.

Rival bids for National Gypsum

A bidding war for National Gypsum Co. seemed set to begin yesterday, as Delcor Inc. said it may make an unsolicited offer of more than $1.12 billion to acquire the second-biggest American producer of wallboard.

The all-cash bid would be the third offer from companies led by C. D. Spangler, a former member of National Gypsum's board of directors.

On Tuesday, BPB Industries PLC of Britain, the biggest European wallboard producer, offered $48.50 a share, or $1.12 billion, for the company.

W. R. Grace president resigns

J. P. Bolduc has resigned as president and chief executive of specialty chemicals maker W. R. Grace & Co., citing differences of style and philosophy with the company's leadership.

Mr. Bolduc, who has headed the company for two years, was a principal architect of a huge restructuring the company is undertaking.

Thomas Holmes, a Grace director for six years, has been named acting president and chief executive, the Boca Raton, Fla.-based company said.

Movie chains to merge

Cineplex Odeon Corp. and Cinemark USA Inc. announced yesterday that they plan to merge, creating the world's largest movie theater company in a transaction valued at about $260 million.

The combined company, to be called Cineplex International Corp., will operate more than 519 theaters with 2,839 movie screens in Canada, the United States, Mexico and Chile.

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