German industrial gases producer Linde AG (LNAGF.PK, LNEGY.PK) agreed Sunday to acquire U.S- based oxygen provider Lincare Holdings, Inc. (LNCR) for $41.50 per share in an all-cash deal of about $4.6 billion. The consideration includes about $800 million of assumed debt. The deal, subject to receipt of regulatory approvals, is expected to close in third quarter of fiscal 2012.
The offer price represents a 64 percent premium to Lincare's unaffected closing stock price of $25.26 on Tuesday, the day prior to the news emanating on the deal. It also represents a 22 percent premium to the closing stock price of $34.02 on Friday.
Linde said it will fund the Lincare deal with an acquisition loan of $4.5 billion that will be refinanced by debt and equity issuances as well as available cash.
Clearwater, Florida-based Lincare supplies oxygen and other respiratory services to in-home patients. It employs about 11,000 people and generated revenues of $1.8 billion in 2011.
The proposed deal will provide Munich, Germany-based Linde with a substantial extension to its existing pharmaceutical and medical gases division, currently focused on hospitals and emergency centers. It will also nearly triple Linde's home-car gas sales in the U.S.
The deal will also see Linde extend its reach across the U.S. Earlier, Linde boosted its presence across Belgium, Germany, France, Portugal and Spain with the acquisition of the European homecare business of U.S.-based Air Products And Chemicals, Inc. (APD) for $750 million in January.
The Air Products purchase propelled Linde as the second-largest player in the global homecare business after French industrial gas maker Air Liquide SA (AIQUY.PK), which was also said to be in the fray to buy Lincare along with an unnamed private equity bidder.
LNCR closed Friday's regular trading session at $34.02, up $1.72 or 5.33% on a volume of 8.90 million shares, sharply higher than the three-month average volume of 1.64 million shares. In the past 52-week period, the stock has been trading in a range of $19.65 to $34.20.
Meanwhile, Linde shares closed on Frankfurt's Xetra at 122.65 euros, up 5.45 euros or 4.65% on a volume of 0.69 million shares.
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