Subject: Baxter Holders Get Caremark Unit's Stock Under Spinoff Program
Date: Published: 12/1/92 (36 lines)
Source: Wall Street Journal. Copyright Dow Jones & Co. Inc.

    Baxter Holders Get
    Caremark Unit's Stock
    Under Spinoff Program

    NORTHBROOK, Ill.  -- Caremark International Inc. was spun off from
 Baxter International Inc. after the market closed yesterday.
    Baxter holders of record received one Caremark share for each
 four Baxter shares owned; a total about 70 million shares were
 issued.
    Caremark shares, which will trade under the symbol CK on the New
 York Stock Exchange, have been trading on a when-issued basis in
 recent days, and closed yesterday at $13.25, down $1.125.
    Caremark provides most of what has been Baxter's "alternate-site"
 non-hospital businesses, including chemotherapy, AIDS care,
 orthopedic and rehabilitation therapy, prescription services, and
 home health care.  Caremark's earnings through the current year's
 first nine months totaled $43 million, or an indicated 61 cents a
 share, on year-to-dateCales of $1.1 billion.
    Baxter, which provides medical products and services primarily to
 hospitals, last summer disclosed plans to spin off the Caremark
 operation, which represents about 15% of the former parent's sales.
 Among the reasons it cited were the potential for competition
 between Baxter's hospital customers and the non-hospital outlets
 that Caremark operates.  Baxter retained its kidney-dialysis
 operation.
    In late New York Stock Exchange trading yesterday, Baxter shares
 were quoted at $34.625, off 62.5 cents.

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