Cardinal Health Canada and Futuremed Announce Extension of Offer to Feb 6, 2012
Futuremed Healthcare Products Corp. and Cardinal Health Canada, a wholly-owned subsidiary of Cardinal Health, Inc. (NYSE: CAH), announced today that the expiry time of the offer by Cardinal Health Canada to acquire all of the outstanding common shares of Futuremed for CAD $8.15 per Common Share in cash (the "Offer") has been extended until Feb. 6, 2012, to allow the Canadian Competition Bureau to complete its review of the proposed acquisition. All other terms and conditions of the Offer remain as described in Cardinal Health Canada's Offer and take-over bid circular dated Nov. 14.
Futuremed and Cardinal Health Canada have filed pre-merger notification filings with the Competition Bureau. On Nov. 24, Futuremed and Cardinal Health Canada received Supplemental Information Requests for additional information required by the Competition Bureau to complete its review of the proposed acquisition pursuant to the Competition Act (Canada). The Supplemental Information Requests, which extend the waiting period applicable to the proposed acquisition until 30 days after the Competition Bureau receives the requested information, were not unexpected. Futuremed and Cardinal Health Canada continue to work with the Competition Bureau through its ongoing review.
The Offer is now open for acceptance until 8 p.m. (Eastern time) on Feb. 6, 2012, unless extended, and is conditional upon, among other things, customary regulatory approvals and their having been validly deposited (and not withdrawn) at least 66 2/3% of the outstanding Common Shares (on a fully-diluted basis). Pending satisfaction of the closing conditions, the Offer is expected to close by the end of the first quarter of the 2012 calendar year.
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