Medline CEO Mills cuts ownership of Medical Action Industries to 5.6%

By Lisa Kerner

Charlotte, N.C., Dec. 15 - Medline Industries, Inc. chief executive officer Charles N. Mills and his affiliates sold 260,386 shares of Medical Action Industries, Inc. between Nov. 12 and Dec. 11 priced from $11.90 to $15.01 per share, according to a schedule 13D/A filed on Tuesday with the Securities and Exchange Commission.

Between Sept. 14 and Nov. 9, Mills sold 41,500 shares and kept a 6.2% stake, a prior SEC filing said.

Mills beneficially owns 900,866 shares, or 5.6%, of Medical Action's outstanding stock.

As previously reported, Medline, a privately held manufacturer of health-care supplies and services based in Mundelein, Ill., inquired about a possible strategic transaction with Medical Action Industries several times, most recently in March 2009.

Medical Action makes disposable medical products and is based in Hauppauge, N.Y.

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