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Cardinal’s Syncor acquisition on hold

Executive Summary

"There can be no assurance that the transaction involving the acquisition of Syncor by Cardinal Health will be completed," the drug wholesaler said Nov. 6. Cardinal's due diligence investigation discovered "improper payments that had been made in foreign countries by subsidiaries of Syncor," the company said. Cardinal announced its merger agreement with the nuclear pharmacy company in June (1"The Pink Sheet" June 17, p. 9)...

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Cardinal’s Syncor acquisition

Cardinal will issue about 13 mil. shares to Syncor stockholders at a ratio of .47 Cardinal shares for each outstanding share of Syncor stock under amended merger agreement. Cardinal put a hold on the acquisition of the nuclear pharmacy company Nov. 6 after discovering Syncor subsidiaries had made improper payments in foreign countries (1"The Pink Sheet" Nov. 11, In Brief). Syncor reached agreements with the Department of Justice and the Securities & Exchange Commission to pay fines and civil penalties totaling $2.5 mil. The merger still has to be approved by Syncor stockholders...

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