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BINDLEY WESTERN MOVING INTO NEW ENGLAND WITH ACQUISITION OF OSMAN

Executive Summary

BINDLEY WESTERN MOVING INTO NEW ENGLAND WITH ACQUISITION OF OSMAN Drug Group, which operates two drug wholesalers and a H&BA/sundries distributor. Bindley said on Dec. 2 that it has "executed a letter of intent to acquire the Osman Drug Group, which consists of Stamford Superior Drug Co. and Special Services, Inc., each located in Stamford, Conn., and New England Drug Company, located in Dorchester, Mass." The three units did a total of $160 mil. in sales last year, Bindley noted in a press release. Bindley explained that the transaction will be a cash purchase of all of the capital stock outstanding for the three companies. The closing date for reaching a definitive agreement is Dec. 31, 1986, the firm noted. The proposal is something of a first for Bindley Western because the three Osman units, if the deal is completed, will continue to operate as stand-alone businesses under their original names. Bindley acquisition moves in the past have been purchases of capital assets that were subsequently redeployed into existing Bindley operations. The Osman transaction is the first in which the acquired companies will continue to operate under their existing names. By adding four new states in the Northeast, the Osman deal expands to 36 the total number of states in which Bindley operates. Coupled with the planned 1987 opening of a new distribution location in Los Angeles, the Osman acquisition also extends Bindley's operations from coast to coast. Bindley already operates six other distribution centers in Orlando, Houston, Atlanta, Phoenix, Dallas and Indianapolis, Bindley's headquarters. Stamford-based Special Services introduces a new type of business to Bindley's traditional drug wholesale operations. The company is an H&BA and sundries distributor that services independent retailers through catalog orders. Special Services offers merchandise with promotional and advertising services included in a single catalog price.
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