Kimberly-Clark to buy I-Flow in $276M deal
DALLAS (AP) ¿ Kimberly-Clark Corp. said Friday that it will add higher-margin medical devices to its health care unit by purchasing health care company I-Flow Corp. in a cash deal valued at approximately $276 million excluding acquired cash and cash equivalents.
Kimberly-Clark, maker of Huggies diapers and Kleenex tissues, will start a tender offer to buy all of Lake Forest, Calif.-based I-Flow's outstanding stock at $12.65 per share, or about $324 million. The per share price represents an 8 percent premium to I-Flow's Thursday closing price of $11.76.
The planned acquisition follows a Monday announcement by Kimberly-Clark in which the Dallas-based company said it bought Baylis Medical Co.'s pain management business for an undisclosed sum.___ USA Today to post 17 percent drop in circulation NEW YORK (AP) ¿ USA Today expects to report the largest decline in circulation in its 27-year history, threatening its No. 1 position among U.S. dailies as the growth of online news and the slump in travel pummel the newspaper.