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Cardinal to Buy Kinray, Pharma Distributor With $3.5 Billion Revenue in 2009

Zacks.com submits:

Cardinal Health (CAH) recently announced plans to purchase Kinray Inc., a leading pharma distributor with a presence in the New York metropolitan area. The cash deal will enhance Cardinal’s capability to cater to retail independent pharmacies in the northeastern U.S. markets. Cardinal expects to close the deal by the end of the current calendar year, or early-2011, depending on regulatory approval and closing conditions.

The company anticipates that the transaction will be neutral to slightly accretive to its fiscal 2011 adjusted earnings, contingent upon the time of the deal closure. Cardinal projects accretion of not less than 12 cents in adjusted earning per share from continuing operations in fiscal 2012, after taking into account the e

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