Health care products distributor Cardinal Health Inc. said Tuesday its Canadian business will acquire Futuremed Healthcare Products Corp. for 165 million Canadian dollars ($162.9 million).
Futuremed distributes supplies and specialized furniture and equipment to nursing homes. The offer from Cardinal Health values Futuremed at 8.15 Canadian dollars ($8.02) per share, and Futuremed, based in Concord, Ontario, said its board of directors unanimously supports the offer. The deal requires approval from two-thirds of Futuremed shareholders. If shareholders and regulators approve, the companies expect to close the deal by the end of the first quarter of 2012.
On the Toronto Stock Exchange, shares of Futuremed soared 1.90 Canadian dollars, or 31 percent, to 8.10 Canadian dollars.
U.S.-listed shares of Cardinal Health fell 58 cents to $43.47 in afternoon trading.