Cardinal Health's unit to acquire Canada's Futuremed

Tue Oct 25, 2011 9:12am EDT
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(Reuters) - Drug wholesaler Cardinal Health Inc's CAH.N Canadian unit agreed to acquire Futuremed Healthcare Products Corp FMD.TO for about C$165 million in cash.

The deal, which values Futuremed at C$8.15 a share, represents a premium of 31.5 percent to the stock's Monday's close of C$6.20.

Futuremed recommended shareholders to tender their stocks to Cardinal Health Canada's offer, while senior officers and directors of the company with a stake of 5 percent, have already agreed to do so.

Futuremed distributes nursing home supplies and specialized furniture and equipment to the growing long-term care facilities sector.

(Reporting by Aftab Ahmed in Bangalore; Editing by Joyjeet Das)