(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