Date: 2015-05-28
Type of information: Company acquisition
Acquired company: J&J Cordis business (USA - NJ)
Acquiring company: Cardinal Health (USA - OH)
Amount: $2 billion
Terms: * On May 28, 2015, Johnson & Johnson announced the acceptance of the March 1, 2015 binding offer from Cardinal Health to acquire its Cordis business for an approximate value of $2 billion. The offer was accepted after consultations with relevant works councils and trade unions. The company expects the transaction to close towards the end of 2015, subject to regulatory clearances and other customary closing conditions. * On March 2, 2015, Johnson & Johnson announced a binding offer from Cardinal Health to acquire its Cordis business for an aggregate value of $1.99 billion, consisting of $1.944 billion of cash proceeds from Cardinal Health plus approximately $46 million of retained net receivables. The acceptance period for the offer will end on May 30, 2015, unless extended, and during that time consultations with relevant works councils and trade unions are planned. If the offer is accepted, the proposed transaction would be expected to close towards the end of 2015, subject to customary closing conditions and regulatory approvals. The company will further discuss the transaction during its next quarterly earnings call on April 14, 2015.
Details: Cordis is a leader in the development and manufacture of interventional vascular technology with 2014 net revenues of approximately $780 million.
Related: Cardiovascular diseases Medical devices
