Grace Revives Plan To Sell Public 40% Of Its Herman Unit
NEW YORK -- W.R. Grace Co. said it has revived its November 1983 plan to sell about 40% of its Herman Sporting Goods Inc. unit to the public because of better stock market conditions.</br></br>"The market conditions weren't right" the last time the offering was considered, "and now we feel they're a little more favorable," a Grace spokesman said.</br></br>Grace said it expects the shares to fetch $15 to $18 each, giving the 4.6-million-share offering an estimated value of $69 million to $82.8 million.</br></br>In New York Stock Exchange composite trading yesterday, W.R. Grace closed at $40.75 a share, up 12.5 cents.</br></br>Grace completed an offering of three million shares in January 1984 of 26% of its 114-unit El Torito Restaurants Inc. chain, which had been announced along with the Herman's offering.