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June 25, 2014
07:03 EDTMDCI, OMIOwens & Minor to acquire Medical Action for $13.80 per share in cash
Owens & Minor (OMI) and Medical Action Industries (MDCI) announced that the two companies have signed a definitive agreement under which Owens & Minor will acquire all outstanding shares of Medical Action for $13.80 per share in cash, representing a total transaction value of approximately $208M, including assumed debt, net of cash. Medical Action reported $287.8M in net sales from continuing operations for the fiscal year ended March 31, of which approximately 45% represented sales to Owens & Minor. Owens & Minor expects that the transaction will be accretive to non-GAAP net income per diluted share in 2015 and beyond. Upon completion of the acquisition, Owens & Minor will significantly advance its strategy of Connecting the World of Medical Products to the Point of Care by broadening its service offering to provider and manufacturer customers. The transaction, which has been approved by the boards of directors of both companies after an auction process, is subject to customary closing conditions, including Medical Action shareholder approval and regulatory clearances, and is expected to close in 4Q14. The total transaction, including the assumption of Medical Actionís remaining outstanding debt net of cash, is valued at approximately $208M. Owens & Minor intends to finance the transaction with existing cash balances and available borrowings under its revolving credit facility. The transaction is expected to be accretive to Owens & Minorís non-GAAP net income in 2015, including anticipated partial synergies in the first full year of ownership. Owens & Minor estimates annual pre-tax cost synergies of $10M-$12M by the end of calendar year 2016, which excludes potential revenue synergies. Aside from transaction-related costs, which will be reported as acquisition-related and exit and realignment charges, the impact to Owens & Minor ís 2014 non-GAAP net income per diluted share is not expected to be significant, as it will be limited primarily to the fourth quarter of 2014. Owens & Minor intends to provide additional information about the transaction when it reports second quarter 2014 financial results and additional information about the impact to 2015 financial results during its 2014 Investor Day later this year.
News For OMI;MDCI From The Last 14 Days
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February 8, 2016
17:28 EDTOMIOwens & Minor raises quarterly dividend 1% to 25.5c per share
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17:26 EDTOMIOwens & Minor backs FY16 adjusted EPS view $2.00-$2.05, consensus $2.04
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17:25 EDTOMIOwens & Minor reports Q4 adjusted EPS 56c, consensus 49c
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