At least seven companies have asked to view the financial records of Medical Care America as the bidding war for the Dallas-based provider of outpatient surgery and home infusion therapy heated up over the holidays.
Last month, Medical Care spokesman Jonathan R. Bond confirmed that an unspecified number of companies had shown an interest in forming a relationship with the company, but he declined to discuss potential suitors (Dec. 13, 1993, p. 10).
A number of companies, including W.R. Grace & Co. and Caremark International, have signed confidentiality agreements allowing them to review Medical Care's books, The Wall Street Journal reported last week.
Medical Care's common stock jumped $2 to $23 per share at the close of trading on Dec. 27, the day the news became public.
Medical Care executives have since declined additional comment. Executives at W.R. Grace and Caremark also declined to comment.
To date, Surgical Care Affiliates had been the only company to make an official bid for Medical Care. In October 1993, the Nashville, Tenn.-based outpatient surgery provider unsuccessfully bid for Medical Care in a stock-for-stock deal valued at $950 million.
In December 1993, Medical Care agreed to allow SCA and other parties that might be interested in merging to review its books, yet it reaffirmed that it wouldn't consider SCA's initial merger proposal (Dec. 13, 1993, p. 10).