TORONTO, Nov. 14, 2011 /PRNewswire/ -- Futuremed Healthcare Products Corporation ("Futuremed") (TSX: FMD) and Cardinal Health Canada Inc. ("Cardinal Health Canada"), a wholly-owned subsidiary of Cardinal Health, Inc. (NYSE: CAH), announced today that Cardinal Health Canada has commenced its offer to acquire all of the outstanding common shares ("Common Shares") of Futuremed for CAD $8.15 per Common Share in cash (the "Offer") and mailed the Offer and take-over bid circular to Futuremed shareholders. The directors' circular of the board of directors of Futuremed has been mailed concurrently with the Offer and take-over bid circular.
After careful consideration, the board of directors of Futuremed determined unanimously, upon the recommendation of a special committee of independent directors and after consultation with its financial and legal advisors, including its receipt of a fairness opinion from CIBC World Markets Inc., that it is in the best interests of Futuremed to support and facilitate the Offer, to enter into a support agreement with Cardinal Health Canada and Cardinal Health, Inc. in respect of the Offer and recommend that Futuremed shareholders deposit their Common Shares to the Offer.
The Offer will be open for acceptance until 8:00 p.m. (Eastern) on December 20, 2011, unless extended, and is conditional upon, among other things, customary regulatory approvals and there having been validly deposited (and not withdrawn) at least 66 2/3% of the outstanding Common Shares (on a fully-diluted basis). Full details of the Offer are contained in the take-over bid circular of the Offeror and the Futuremed directors' circular, copies of which are available under Futuremed's profile at www.sedar.com.
CIBC Mellon Trust Company is the depositary for the Offer. Shareholders can obtain copies of the take-over bid circular and related materials at no charge from the depositary at 1-800-387-0825 or by email at firstname.lastname@example.org. The information agent for the Offer is Georgeson Inc. Inquires should be directed to the information agent toll free at 1-866-856-4733. Additional copies of the take-over bid circular and related materials may also be obtained on request from the information agent.
About Cardinal Health Canada
Cardinal Health Canada is headquartered in Toronto, Canada, with seven distribution centers across the country. It distributes medical and surgical products to healthcare providers across the Canadian healthcare system. It is a wholly-owned subsidiary of Cardinal Health, Inc.
Headquartered in Dublin, Ohio, Cardinal Health, Inc. (NYSE: CAH) is a $103 billion health care services company that improves the cost-effectiveness of health care. As the business behind health care, Cardinal Health helps pharmacies, hospitals, ambulatory surgery centers and physician offices focus on patient care while reducing costs, enhancing efficiency and improving quality. Cardinal Health is an essential link in the health care supply chain, providing pharmaceuticals and medical products to more than 60,000 locations each day. The company is also a leading manufacturer of medical and surgical products, including gloves, surgical apparel and fluid management products. In addition, the company supports the growing diagnostic industry by supplying medical products to clinical laboratories and operating the nation's largest network of radiopharmacies that dispense products to aid in the early diagnosis and treatment of disease. Ranked #19 on the Fortune 500, Cardinal Health employs more than 30,000 people worldwide. More information about the company may be found at cardinalhealth.com and @CardinalHealth on Twitter.
Futuremed is Canada's leading value-added distributor of consumable nursing home supplies and specialized furniture and equipment to the growing long-term care facilities sector. Futuremed products are sold under the name Dismed in Quebec. Futuremed's common shares trade on the Toronto Stock Exchange under the symbol FMD. More information can be found at www.futuremed.ca.
This press release contains certain statements that may constitute forward-looking information within the meaning of applicable securities laws. This forward-looking information relates to, among other things, the Offer, conditions of the Offer and the expiry of the Offer. Often, but not always, forward-looking information can be identified by the use of such words as "may", "will", "expect", "believe", "plan", "intend", "estimate", "outlook", "forecast", "should", "anticipate" and other similar terminology, including statements concerning possible or assumed future results. Forward-looking information is based on management's reasonable assumptions, analysis and estimates in respect of its experience and perception of trends, current economic conditions and expected developments, as well as other material factors that it considers to be relevant at the time of making such statements.
By its nature, forward-looking information involves known and unknown risks and uncertainties, which give rise to the possibility that management's assumptions, analysis and estimates will be incorrect and that the anticipated results will not be achieved. Although Futuremed believes that the statements with respect to forward-looking information are reasonable and current, such statements should not be interpreted as a guarantee of future performance or results, and will not necessarily be an accurate indication of whether or not such results will be achieved. Forward-looking information is necessarily subject to a number of factors that may cause actual results to differ materially from those results implied by the expectations suggested by such information. Those factors include, without limitation, the following: the ability to obtain all necessary regulatory approvals and otherwise satisfy the conditions of the Offer; delays in mailing the take-over bid documentation or in closing the Offer; and those risks and uncertainties described in Futuremed's Annual Information Form filed with the securities regulatory authorities in Canada under Futuremed's profile at www.sedar.com.
When relying on the forward-looking information to make decisions with respect to Futuremed, investors and others should carefully consider the foregoing factors, although we strongly caution that the foregoing list of factors is not exhaustive and other factors could adversely affect our performance. Investors and other readers are encouraged to consider the foregoing risks and other factors carefully when evaluating the forward-looking information and are cautioned not to place undue reliance upon such information when making investment decisions. The forward looking information in this press release is current to the date hereof, and is subject to change following such date. While Futuremed may elect to do so, unless required by applicable law, it undertakes no obligation to update this information to reflect new information or circumstances at any particular time.
SOURCE Cardinal Health Canada Inc.