Cardinal Health Receives Final Clearance for Intercare Acquisition
16 December 2003
Cardinal Health, the leading provider of products and services supporting the health-care industry, today announced it has received clearance from the European Commission for its pending acquisition of The Intercare Group PLC.
With this clearance, Cardinal Health is able to complete its previously announced acquisition of the Intercare Group. To date, over 90 percent of the outstanding Intercare Group shares have been tendered into Cardinal Health’s recommended cash offer. The company expects to complete its purchase of these tendered shares by the end of December and to acquire the remaining Intercare Group shares in the first quarter of 2004.
As announced on October 29, the transaction values the Harrogate, England, company at about $530 million (U.S.), including assumption of Intercare debt (based upon outstanding indebtedness at June 30, 2003). Cardinal Health initiated its offer following unanimous approval of the proposed acquisition by both companies’ boards of directors.
As a leading European pharmaceutical products and services company, Intercare will significantly expand Cardinal Health's global capabilities through complementary product development, its United Kingdom and continental European manufacturing and its service capabilities, and a strong roster of global customers – many of which are Cardinal Health customers.
"Intercare is a strong fit and will extend our reach in the large and growing health-care market, better enabling us to meet the needs of pharmaceutical and biotech customers worldwide," said Robert D. Walter, chairman and chief executive officer of Cardinal Health. "We welcome Intercare to the Cardinal Health family."
In fiscal 2002, Intercare posted revenues of $467.7 million, with earnings before interest, taxes and depreciation of nearly $54 million. The company has 1,400 employees at its 19 sales, distribution and development facilities in Europe.
