Cardinal/Whitmire
This article was originally published in The Tan Sheet
Executive Summary
Shareholders agree to merger of the two wholesalers on Jan. 27. The combination of Cardinal Drug and Whitmire will create the third largest pharmaceutical wholesaler in the U.S. with estimated 1994 sales of $6 bil. The merger, announced Oct. 11 ("The Tan Sheet" Oct. 18, 1993, p. 3), is expected to be completed on or about Feb. 7. Whitmire stockholders will receive 3.85 mil. Cardinal shares. At current market prices, the Cardinal shares will be worth about $165.6 mil. Cardinal is also assuming Whitmire's debt of approximately $100 rail. Shareholders also approved proposals to rename the combined companies Cardinal Health and to expand the board of directors to 14 members