Having completed a tender offer for almost 90% of the shares of Lincare Holdings Inc. less than 10 days ago, The Linde Group has now acquired all outstanding shares and completed its acquisition of the company.
The deal, estimated at a value of $4.6bn when first announced in early July, sees Lincare become a wholly owned indirect subsidiary of Linde.
When Linde originally revealed its intentions toward the Florida-based homecare company last month, Prof. Dr Wolfgang Reitzle, CEO of Linde AG, said, “This strategic acquisition enables us to take the next big step in this stable, sustainable and profitable business field.”
“Against the background of demographic changes, the healthcare industry is a megatrend in which we will be able to participate more strongly in a new set-up. Together with Lincare, we will become the global leading healthcare provider within the gases industry and further internationalise our business.”
Linde completed a tender offer in which it purchased approximately 88.85% of the shares of Lincare common stock then outstanding earlier this month, at $41.50 per share in cash.
The group has now acquired all the remaining issued and outstanding shares of Lincare common stock by means of a short-form merger, in which all such shares were converted into the right to receive the same $41.50 per share in cash that was paid in the tender offer.
In order to accomplish the short-form merger, Linde exercised its ‘top-up’ option to purchase additional shares of Lincare common stock directly from the company. Lincare’s common stock will no longer be listed on the Nasdaq Global Select Market.