Walgreen Buys Specialty Pharmacy Option Care

Monday, 2 Jul 2007 | 11:37 AM ET

Pharmacy chain Walgreen said it will buy Option Care for $19.50 a share in a deal that has an enterprise value of $850 million, including debt.

Option Care, of Buffalo Grove, Ill., provides specialty pharmacy and home infusion services from a national network of more than 100 pharmacies, Walgreen said.

The offer represents a 27% premium over Option Care's closing share price on Friday of $15.40.

Walgreen plans to begin a tender offer for Option Care shares. The company's founder and trusts he has established, which combined own 22% of the company's shares, have agreed to tender all their shares to the offer.

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