Healthcare products and services provider Cardinal Health and radiopharmaceutical developer Syncor International announced today that they have amended their June 14, 2002 merger agreement, lowering the ratio of Cardinal shares to be exchanged for Syncor shares.
In a separate announcement, Syncor International Corporation today announced that it has reached an agreement with its chairman Monty Fu, who will cease to be an officer and employee of Syncor and will resign as a director of Syncor immediately prior to the completion of the previously announced acquisition by Cardinal Health. Until such time, Fu will remain on paid leave from Syncor and will continue his agreed suspension from participation as a member of Syncor's board of directors.
Syncor of Woodland Hills, CA also announced today that it had reached separate agreements with the U.S. Department of Justice and the U.S. Securities and Exchange Commission related to the previously disclosed improper payments made by Syncor subsidiaries.
Fu has also agreed to surrender to $2.5 million of Syncor stock. The value of the stock he will surrender equals the total fines and monetary penalties agreed to by Syncor in the separate agreements announced today with the DOJ and the SEC.
Dublin, OH-based Cardinal’s proposed acquisition of Syncor has been complicated by the revelation that one of Syncor’s overseas subsidiaries made “questionable payments” exceeding $500,000 to customers in Taiwan. The news caused a sharp drop in Syncor’s stock price and sparked a number of shareholder lawsuits.
By AuntMinnie.com staff writers
December 4, 2002
Related Reading
Syncor, Cardinal Health extend termination date, November 25, 2002
'Questionable payments' topped $500,000, Syncor says, November 21, 2002
Cardinal Health seeks to modify Syncor merger agreement, November 21, 2002
Syncor expects 10-Q filing delay, November 13, 2002
Cardinal uncovers questionable Syncor payments, November 7, 2002
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