Walgreen Buys Specialty Pharmacy Option Care
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.