Cardinal buys 80 percent of Viasys |
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Thu, 21 Jun 2007 19:19
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NEW YORK (AP) - Medical products and services company Cardinal Health Inc. said Thursday it has bought 80 percent of Viasys in a tender offer, making that company a subsidiary.In May, Cardinal announced it would buy Viasys for about $1.42 billion, plus the assumption of $50 million in debt. As of June 20, about 27.4 million Viasys shares had been tendered, Cardinal said, with about 3.2 million shares tendered under guaranteed delivery procedures for $42.75 per share. Cardinal said it expects to buy the remaining shares by June 30.Cardinal and its subsidiary Eagle Merger Corp. will start a second offering period allowing Viasys stockholders to sell their shares.Viasys, which posted revenue of $610 million in 2006, develops respiratory care systems and medical devices used in neurological, audio and vascular diagnostics. After the acquisition Viasys will be integrated into Cardinal Health's medical products.Shares of Cardinal rose 40 cents to $70.57 in afternoon trading.------------Questions or comments about this story should be directed to Damian J. Troise at 212-621-7190Copyright 2007 Associated Press. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
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Cardinal to buy Viasys for $1.4B 