Healthcare firm Cardinal Health has completed its acquisition of radiopharmaceutical company Syncor International of Woodland Hills, CA. Syncor’s U.S. operations will be integrated with Cardinal Health’s central pharmacy services to become the nuclear pharmacy services business of the Dublin, OH-based company. Cardinal Health will continue Syncor’s previously announced plans to sell its imaging center business and further rationalize its international operations, according to the firm.
Pursuant to the merger agreement dated June 14, 2002, as amended, each outstanding share of Syncor common stock has been converted into the right to receive 0.47 of a Cardinal Health common share, with cash being paid in lieu of fractional Cardinal Health common shares.
The deal ran into rough sledding in November, when Syncor announced that Cardinal had uncovered evidence of "questionable payments" made by one of Syncor’s overseas subsidiaries to customers in Asia. Syncor settled investigations launched by the U.S. Department of Justice and the U.S. Securities and Exchange Commission into the payments by announcing the departure of chairman Monty Fu following the completion of the Cardinal deal. Fu also agreed to surrender $2.5 million in Syncor stock, which equals the fines and monetary penalties levied by the DOJ and SEC as part of the settlement.
By AuntMinnie.com staff writers
January 2, 2003
Related Reading
Syncor adjourns acquisition vote, December 9, 2002
Syncor announces agreements with SEC and Justice Department, December 4, 2002
Syncor, Cardinal Health extend termination date, November 25, 2002
Cardinal Health seeks to modify Syncor merger agreement, November 21, 2002
'Questionable payments' topped $500,000, Syncor says, November 21, 2002
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