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Article: D&K Healthcare Resources Inc. to be sold.
- Article from:
- St. Louis Post-Dispatch (St. Louis, MO)
- Article date:
- July 11, 2005
CopyrightCOPYRIGHT 2005 St. Louis Post-Dispatch. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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Jul. 11--D&K Healthcare Resources Inc. of Clayton said today that it had agreed to be purchased by McKesson Corp. of San Francisco, the largest U.S. wholesaler of drugs. Shares of D&K soared on the announcement.
McKesson is offering $206.8 million in cash, or $14.50 a share, and will assume D&K's outstanding debt.
McKesson's offer represents a premium of 71 percent to D&K's closing share price on Friday. D&K has about 14.3 million shares outstanding.
D&K, which distributes drugs and beauty products, had sales of $2.54 billion last year, and reported profit of $10.2 million.
D&K has customers in more than two dozen states. It sells to ...