Counsel to sell unit after ditching IPO

Article Abstract:

Counsel Corp., a Toronto, Ontario-based holding company, is selling its Pittsburgh, PA-based wholly owned subsidiary Stadtlander Drug Company Inc. to Bergen Brunswig Corp. for an estimated $315 million in cash and stock deal. The move comes after Counsel withdrew from its plans of making an initial public offering. Under the terms of the deal, Counsel will get three million Bergen shares worth at least $150 million as of January 1998, and up to $165 million in cash. Orange, CA-based Bergen will also assume Stadtlander's debt of around $100 million. Bergen is a distributor of pharmaceuticals and medical-surgical supplies to hospitals, pharmacies and supermarkets, while Stadtlander takes care of pharmaceutical needs of patients with high-risk and high-cost medical conditions.

Comment:

Is buying Counsel Corp's wholly owned subsidiary, Stadtlander Drug Co Inc, for around $315 mil in cash & stock deal

Pennsylvania, Drugs and Druggists' Sundries Wholesalers, Drugs, Cosmetics, Toiletries Whsle, Bergen Brunswig Corp., Article, Stadtlanders Drug Co., Counsel Corp.

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Hyal board accepts Cangene takeover offer

Article Abstract:

Cash-strapped Hyal Pharmaceutical Corp of Mississauga, Ontario, has accepted the takeover offer of Cangene Corp. Under the deal, Cangene will provide Hyall with up to C$350,000 of interim financing on a secured basis. Cangene has offered in July 1999 to acquire all of Hyal's 31 million shares outstanding for 8 cents a share or around C$2.5 million. Hyal accepted the offer after failing to get other measures to avoid bankruptcy or liquidation proceedings.

Canada, Pharmaceutical Preparation Manufacturing, Pharmaceutical Preparations, Drugs, Hyal Pharmaceutical Corp.

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