It's final: Linde, Lincare seal deal
CLEARWATER, Fla. – Linde AG has completed its $4.6 billion acquisition of Lincare, it was announced Aug. 14.
The industrial gas giant paid $41.50 per share for Lincare through a tender offer that it completed Aug. 8, and a short-form merger, in which Linde used its "top-up" option to purchase additional shares of Lincare common stock directly from the company, according to a press release.
Lincare is now a wholly owned indirect subsidiary of Linde.
Linde first announced plans to acquire Lincare in late June. Company officials are confident about the future, they told analysts during a conference call in July. The reasons: strong demographics driving demand for Lincare's products; and the provider’s strategy emphasizing scale, diversity and organic growth.
More immediate plans for Lincare include reducing its number of locations by around 100 before July 2013, when Round 2 of competitive bidding kicks off. Also in the works: ramping up newer ventures, including INR monitoring (in-home testing for anti-coagulant therapy), pulmonary rehab and specialty pharmacy.
Lincare currently has more than 1,000 locations across the country.