Cardinal Distribution acquiring Solomons Co.
Executive Summary
Wholesale drug distributors announce agreement that calls for Cardinal to acquire all of Solomons stock in exchange for 849,364 Cardinal common shares, worth $23.5 mil. based on the stock price on March 11. Cardinal has 22.7 mil. shares fully diluted. The acquisition is expected to be completed by mid-April. Solomons' existing management will remain and the company will continue to operate as an independent entity. Savannah, Ga.-based Solomons serves Georgia, Florida, South Carolina and sections of adjoining states from its 98,000 square foot facility. Solomons has annualized revenues of about $180 mil.