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Stock Market & Financial Investment News

News Breaks
June 25, 2014
07:04 EDTOMIOwens & 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. 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 Action's 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. 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 's 2014 non-GAAP net income per diluted share is not expected to be significant, as it will be limited primarily 4Q14. Owens & Minor intends to provide additional information about the transaction when it reports 2Q14 financial results and additional information about the impact to 2015 financial results.
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July 30, 2014
09:47 EDTOMILeerink healthcare analyst holds an analyst/industry conference call
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July 28, 2014
17:19 EDTOMIOwens & Minor names James Bierman next CEO
Owens & Minor announced that its Board of Directors has named President & COO James L. Bierman, 61, to serve as President & CEO and appointed him as a director of the company, effective September 1, Craig R. Smith currently Chairman & CEO, will continue to serve the company in the role of Executive Chairman.
17:16 EDTOMIOwens & Minor reports Q2 EPS 40c, consensus 46c
Reports Q2 revenue $2.31B, consensus $2.27B.

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