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With exchange offer completed, SXC, National Medical Health Card expected to close merger within days
By Lisa Kerner
Charlotte, N.C., April 29 - SXC Health Solutions, Corp. said its subsidiary accepted for payment and exchange some 11,729,135 shares of National Medical Health Card Systems, Inc. at a price of $7.70 in cash and 0.217 of a common share of SXC Health Solutions.
The number of shares tendered and not withdrawn in the offer represents about 90.15% of National Medical Health Card's outstanding shares, an SXC Health Solutions news release said.
In February, SXC Health Solutions agreed to acquire National Medical Health Card Systems in a stock and cash deal valued at about $143 million, or some $11.00 per share.
The combined company will be renamed informedRx.
SXC Health Solutions chairman Gordon S. Glenn said he expects the merger to close in the next day or two.
In an expected short-form merger, SXC Health Solutions will merge its indirect, wholly owned subsidiary with and into National Medical Health Card.
Following the merger, National Medical Health Card will become an indirect, wholly owned subsidiary of SXC Health Solutions.
SXC Health Solutions said in a prior news release that it planned to finance a portion of the purchase price through a secured $48 million term loan combined with a $10 million revolving credit facility from a syndicate led by GE Healthcare Financial Services.
National Medical Health Card is a pharmacy benefits management services company based in Port Washington, N.Y.
SXC Health Solutions also provides pharmacy benefits management services as well as information technology solutions to the health care benefits management industry. The company is based in Lisle, Ill.
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