In brief: Scooter Store names CEO, Lincare execs rake it in
NEW BRAUNFELS, Texas – Martin "Marty" Landon will take the top post at The Scooter Store on July 30, the company announced last week. Most recently, Landon was CFO and executive vice president at San Antonio-based wound care manufacturer Kinetic Concepts Inc. (KCI). Landon managed KCI’s global financial strategy and worked with the CEO to develop the company’s organizational structure. Landon will replace interim CEO and board member J. Randall Bishop. Bishop stepped in after founder and CEO Doug Harrison resigned in March. Harrison was one of more than a dozen top executives to leave the company this spring.
Lincare execs will rake it in if deal goes through
CLEARWATER, Fla. – Lincare Holdings investors, executives and board members have a lot to gain if the oxygen provider is acquired by The Linde Group. Based on data on shares owned as of March 26, 2012, investor FMR LLC, a mutual fund firm, will get $581.8 million from the deal; John Byrnes, Lincare chairman and CEO, $139.8 million; and board member Stuart Altman, a professor at Brandeis University, $11.3 million, according to the Tampa Bay Business Journal. Linde plans to buy Lincare for $41.50 per share in a deal with a total price tag of $4.6 billion. The industrial gas giant plans to tender an offer in the next few weeks and close the deal in the third quarter of this year.
Firms investigate ‘fairness’ of proposed Lincare deal
YARMOUTH, Maine – Several law firms, working on behalf of shareholders, have announced investigations into the proposed acquisition of Lincare Holdings by The Linde Group. The law offices of Todd Garber and the law offices of Howard Smith are both investigating “concerns whether the board of directors breached their fiduciary duties to stockholders by failing to adequately shop the company before agreeing to enter into the proposed transaction, and whether the company has disclosed all material information to shareholders about the transaction.” Ryan & Maniskas is investigating “concerns of possible breaches of fiduciary duty and other violations of law related to the approval of the transaction by the company’s board of directors, in particular, whether the company undertook a fair process to obtain fair consideration for all shareholders.”
Bidders receive confirmation
WATERLOO, Iowa – Bidders who submitted covered documents for Round 2 of competitive bidding by the covered document review date (CDRD) have started receiving confirmation emails from CMS that their documents were received and that none are missing, The VGM Group reported last week. The CDRD for submitting financial, tax and other documents was Feb. 29, 2012.
Short takes: Supracor, MK Battery
Supracor, a manufacturer of medical support surfaces for pressure sore prevention among wheelchair users, is the official sponsor for the NWBA USA women’s team competing in the Paralympic Games in London. The team, which will be defending its 2008 gold medal won in Beijing, will be using lightweight wheelchair cushions made of flexible, fusion-bonded honeycomb…MK Battery recently joined more than 100 healthcare professionals and 40 consumers to lobby on Capitol Hill for H.R. 4378, a bill to create a separate benefit for complex rehab. “We hope to educate legislators on the importance of providing a separate benefit category that will improve and protect access to complex rehabilitation technology products and services,” stated Dennis Sharpe, HME category manager for MK Battery, in a release. “We believe this is the best way to meet the unique needs of individuals with complex disabilities.”