Stockholders of Health-Care Giants Abbey, Total OK Merger
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Stockholders of both Abbey Healthcare Group Inc. and Total Pharmaceutical Care Inc. on Wednesday approved a previously announced merger of the two health-care giants. Announced on Sept. 7, the $195-million acquisition of Total Pharmaceutical by Abbey is expected to be completed on Wednesday.
Under the terms of the merger, Abbey will acquire all the outstanding shares of TPC for $19 each in cash plus a fraction of a share of Abbey common stock.
Based in Torrance, TPC provides home and outpatient therapy through 40 branches in 17 states. Abbey, based in Costa Mesa, offers home health-care products and services through 164 branches in 36 states.
In Nasdaq trading Wednesday, Abbey’s stock dropped $1.50 a share to close at $22.25. Total Pharmaceutical’s stock was unchanged in Nasdaq trading, closing at $22.50.
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